New Naira: Reps Oppose Extension as scarcity Persists
By Odunayo Odeja
The House of Representatives says the short extension of the new naira note deadline to February 10 by the Central Bank of Nigeria on Sunday is a mere political gimmick to further deceive Nigerians and worsen their economic and social livelihood.
The House of Representatives Ad hoc Committee on New Naira Re-design and Naira Swap Policy who said this rejected the February 10 deadline.
The development came as anger spread across the country over the scarcity of the new notes with several bank customers becoming stranded due to lack of access to the new notes.
Retailers and traders have been rejecting the old notes amid long queues at ATM galleries across the country.
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However, announcing the new deadline for the phasing out of the old N1,000, N500 and N200 notes on Sunday, the CBN Governor, Godwin Emefiele, said President Muhammadu Buhari gave permission for the deadline to be extended to February 10 after his recent meeting with him.
He also gave additional seven days to enable Nigerians to deposit their old naira notes after it ceases to be legal tender on February 10.
The CBN had earlier fixed January 31 as the deadline for the exchange of old N1,000, N500 and N200 notes.
Unimpressed by the new date, the Ad hoc committee, chaired by the Majority Leader, House of Representatives, Alhassan Ado Doguwa, rejected the extension, insisting that the CBN must comply with sections 20 sub 3, 4, and 5 of the CBN Act.
The Lower House, during its sitting last Tuesday, constituted the ad hoc committee to look into the issue.
Expressing his displeasure in a statement on Sunday, Doguwa said, “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-section 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 an arrest warrant to compel the CBN Governor to appear before the Ad hoc committee.”
According to him, 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
