The House of Representatives Adhoc Committee on new naira redesign and naira swap policy has rejected the ten days extension of the deadline for the exchange of the old naira notes by the Central Bank of Nigeria (CBN).

The CBN, on Sunday, extended the deadline for the collection of old N200, N500, and N1,000 banknotes to February 10, 2023, noting that President Muhammadu Buhari approved the extension.

The apex bank had fixed January 31 as the deadline for the validity of the old currency.

Reacting to the development, the House of Reps Adhoc Committee, chaired by the leader of the House, Hon. Alhassan Ado Doguwa, in a statement issued on Sunday, rejected the extension, stressing that the CBN must comply with sections 20 sub 3, 4, and 5 of the CBN act.

It would be recalled that the House, during its sitting on Tuesday, following the outcry by Nigerians, constituted the ad hoc committee to look into the issue.

Describing the extension as a mere political gimmick to further deceive Nigerians and worsen the economy and social livelihood, Doguwa said the CBN Governor must appear before the green chamber or stand the risk of being arrested on the strength of legislative writs signed by the Speaker of the House, Femi Gbajabiamila, on Monday.

READ ALSO: Old naira notes: CBN extends deadline to Feb 10

Doguwa stated: “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.”

He 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 country.

The chairman of the committee added that the policy is capable of frustrating the forthcoming general election.

“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 noted.

The Star