[BREAKING] Old Naira Notes: Reps Panel Rejects CBN Extension, Gives Strong Reason

[BREAKING] Old Naira Notes: Reps Panel Rejects CBN Extension, Gives Strong Reason

The House of Representatives Adhoc Committee on New Naira Redesign and Naira Swap Policy has rejected the Central Bank of Nigeria’s (CBN) ten-day extension for the exchange of old naira notes.

In a statement, the Adhoc Committee, chaired by House Leader Hon. Alhassan Ado Doguwa, insisted that the CBN comply with sections 20 sub 3, 4, and 5 of the CBN Act.

Doguwa said that; ” 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.

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” 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.”

He stated that the committee would continue to work under his chairmanship until the demands of Nigerians were met in accordance with the laws of the land.

Doguwa, who described the extension as a mere political ploy to deceive Nigerians and worsen their economic and social well-being, said the CBN governor must appear in court or face arrest on the basis of legislative writs signed by Hon. Speaker on Monday.

He also stated that the policy has the potential to derail the upcoming 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.

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