Francis Ajuonuma
The House of Representatives Ad-hoc Committee on new naira re-design and naira swap policy has rejected the 10 days extension granted by the Central Bank of Nigeria (CBN) for the exchange of old naira notes.
ThisNigeria recalls that the CBN had fixed January 31st as the deadline for the exchange of the old naira notes; N200, N500, and N1000, but yesterday it extended it by 10 days on the permission of President Muhammadu Buhari, according to the governor of the CBN, Godwin Emefiele.
The Ad-hoc Committee, chaired by the leader of the House, Alhassan Doguwa, in a swift reaction rejected the extension, insisting that the CBN must comply with sections 20 sub 3, 4, and 5 of the CBN act.
The Ad-hoc Committee was constituted last Tuesday following the outcry by Nigerians.
In a statement by the Majority Leader of the House of Representatives, who is the Chairman of the Ad-hoc Committee, “The 10-day extension for the exchange of the old naira notes is not the solution, we as a legislative committee with a constitutional mandate of the house, would only accept clear compliance with section 20 sub 3, 4, and 5 of the CBN act and nothing more.
“Nigeria as a developing economy and a nascent democracy must respect the principle of the rule of law. And the House would go ahead to sign arrest warrant to compel the CBN Governor to appear before the Ad-hoc committee.”
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He described the extension as a mere political gimmick to further deceive Nigerians and worsen their economic and social livelihood.
Describing the extension as a mere political gimmick to further deceive Nigerians and worsen their economic and social livelihood, Doguwa said the CBN governor must appear before or stand the risk of being arrested on the strength of legislative writs signed by Hon. Speaker on Monday.
He also said the policy was capable of frustrating the forthcoming general elections.
“Security agencies and their operations especially at the states level are generally funded through cash advances and direct table payments of allowances to operatives during elections,” he said.
*Minority Caucus lauds CBN gov
But the Minority Caucus in the House of Representatives applauded the CBN for listening to Nigerians and extending the deadline for the swapping of the old naira notes for new ones by 10 days.
In a statement by its leader, Ndudi Elumelu, the Minority Caucus described the February 10 extension date as a welcome decision to ease the suffering as well as social and economic discomfort being faced by many Nigerians in accessing the new naira notes within the earlier stipulated deadline.
“As lawmakers and representatives of the people, our caucus commends the CBN for being considerate towards the wellbeing of Nigerians; which is the essence of democratic governance all over the world,” he said.
*CNPP calls on security agents to nab currency hoarders
Meanwhile, the Conference of Nigeria Political Parties (CNPP) has hailed President Buhari for approving a 10-day extension of the deadline for the swapping of old currency to the newly redesigned Naira notes.
The CNPP, in a statement by its Secretary-General, Chief Willy Ezugwu, yesterday, urged the apex bank to ensure that commercial banks do not hoard the new notes again.
It called on all security agencies to immediately swing into action, “as a matter of patriotic duties to ensure that the new notes do not find their way into bullion vans belonging to some politicians and their allies.”
While calling on the people to ensure that they utilise the opportunity provided by the new swap window to immediately get their old notes exchanged, the CNPP hailed President Muhammadu Buhari “for showing the political will to keep to his promise that no politician would be allowed to compromise the ongoing electoral process.
“The CNPP has been observing with keen interest the ongoing currency swap and has a reasonable suspicion that there are anomalies which could be attributed to some commercial banks and politicians bent on sabotaging the efforts of President Muhammadu Buhari on ensuring free, fair, and credible elections in 2023.
“For this reason, we call on all security agencies, including the Economic and Financial Crimes Commission (EFCC), the Department of State Services (DSS), and the Nigeria Police Force, to carry out already issued presidential orders on ensuring that no money bag-politician compromises the 2023 electoral process.
“The best legacy of President Buhari’s administration is the redesigned high denominations of the Naira notes, comprising N200, N500, and N1,000, which have become legal tender since December 15, 2022, after they were unveiled by President Buhari on November 23, 2022, in Abuja.
“We equally call on the House of Representatives to target commercial banks and their collaborators who have been hoarding the new notes, not the CBN Governor, Mr Godwin Emefiele, who is simply following presidential directives.
“From the continued attack and threats on the CBN Governor, rather than cooperating with President Buhari’s administration to ensure the success of the ongoing cashless policy of the federal government, federal lawmakers are now making Nigerians believe that they are working to sabotage the President’s good intentions.
“We, therefore, urge the authorities to ensure that banks and individuals hoarding the new notes are appropriately sanctioned by the law,” the CNPP stated.
