The House of Representatives Adhoc Committee on new naira re-design and naira swap policy has rejected the ten days extension granted by the Central Bank of Nigeria (CBN) for the exchange of old naira notes, insisting the position of law is sacrosanct

The CBN had fixed January 31st as the deadline for the exchange of the old naira notes; N200, N500 and N1000.

The CBN governor, Godwin Emefiele on Sunday, said President Muhammadu Buhari gave permission for the deadline to be extended to February 10.

In a statement by the Chairman of the Adhoc Committee, Leader of the House, Hon. Alhassan Ado Doguwa, the committee rejected the extension, insisting that the CBN must comply with sections 20 sub 3, 4, and 5 of the CBN act.

The House had on Tuesday at plenary, following the outcry by Nigerians, constituted the adhoc committee to look into the issue.

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 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”.

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.

The lawmaker who described 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 Hon. Speaker on Monday.

He added that said the policy is
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.
It’s no longer news that the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele has announced the extension of deposit of old notes at the bank to the 10th of February, 2023.

The extension became necessary following the inability of banks and POS operators to dispense the new note and the difficulty experienced by Nigerians in exchanging their old notes for new notes.

Meanwhile, Emefiele in a statement issued on  Sunday monday, said the decision to redesign the Naira was already paying off as inflation has started trending downwards and exchange rates relatively stable.
He added that the military is already making good progress in combating banditry and ransom-taking in Nigeria through this programme.

Emefiele noted that available data has shown that in 2015, currency in circulation was only N1.4 trillion.

But as of October 2022, currency in circulation had risen to N3.23 trillion; out of which only N500 billion was within the banking industry and N2.7 trillion held permanently in people’s homes.

The CBN Governor said ordinarily when CBN releases currency into circulation, it is meant to be used and after effluxion of time, it returns to the CBN thereby keeping the volume of currency in circulation under the firm control of the CBN.

He said: “So far and since the commencement of this programme, we have collected about N1.9 trillion; leaving us with about N900 billion.

“Aside from those holding illicit or stolen naira in their homes for speculative purposes, we do aim to give all Nigerians that have naira legitimately earned and trapped, the opportunity to deposit their legitimately trapped monies at the CBN for exchange.

“A seven-day grace period, beginning on February 10 to February 17, 2023, in compliance with Sections 20(3) and 22 of the CBN Act allowing Nigerians to deposit their old notes at the CBN after the February deadline when the old currency would have lost its Legal Tender status.”