… says position of law sacrosanct, vows to issue Emefiele’s arrest warrant on Tuesday
House of Representatives Ad Hoc Committee on new Naira re-design and Naira swap policy, on Sunday, rejected the 10-day extension granted by the Central Bank of Nigeria for the exchange of old naira notes.
The apex bank had fixed January 31 as the deadline for the exchange of the old N200, N500 and N1000 notes.
CBN Governor, Godwin Emefiele, had earlier on Sunday said President Muhammadu Buhari had given the permission for the extension of the deadline to February 10.
But in a swift reaction, the Adhoc Committee, chaired by the Leader of the House, Hon. Alhassan Ado Doguwa, rejected the extension, insisting that the CBN must comply with Sections 20 Sub-Sections 3, 4, and 5 of the CBN Act.
During its last Tuesday’s sitting following the outcry by Nigerians, the House had constituted the Ad Hoc Committee to look into the issue.
According to Doguwa, “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 Adhoc committee.”
The House Leader said under his chairmanship, the committee would continue its work until it gets the demands of Nigerians addressed in accordance with the laws of the land.
Doguwa, who described the CBN extension as a mere political gimmick to further deceive Nigerians and worsen their economic and social livelihood, said Emefiele must appear before or stand the risk of being arrested on the strength of legislative writs signed by Hon. Speaker on Monday.
He also argued that the policy could frustrate 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.