Reps Reject CBN’s Old Naira Notes 10-Day Extension, Threatens To Arrest Emefiele

 The Ad Hoc Committee set up by the House of Representatives on the new naira re-design and naira swap policy has in strong terms rejected the 10-day extension granted by the Central Bank of Nigeria, CBN, for the exchange of old notes.

It would be recalled that the apex had last year fixed January 31 as the deadline for the exchange of the old naira notes – N200, N500 and N1,000, but earlier today, the CBN governor, Godwin Emefiele, said President Muhammadu Buhari gave permission for the deadline to be extended to February 10.


The Ad Hoc Committee, in its reaction to the postponement, said it was not impressed with the 10-day extension. The Ad Hoc committee chaired by the leader of the House, Alhassan Ado Doguwa, insisted that the CBN must comply with sections 20 sub 3, 4, and 5 of the CBN act.

The House had during its sitting on Tuesday, as a result of general outcry by Nigerians, 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 ad hoc committee.”

Doguwa asserted that 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.

The House Leader while describing the extension as a mere political gimmick to further deceive Nigerians and worsen their economic and social livelihood, said the CBN governor must appear before or stand the risk of being arrested on the strength of legislative writs signed by the Speaker on Monday.

He also said the policy is capable of frustrating the forthcoming general elections.

“Security agencies and their operations, especially at the state level, are generally funded through cash advances and direct table payments of allowances to operatives during elections,” he said.