HOUSE OF REPRESENTATIVE COMMITTEE REJECTS NAIRA SWAP EXTENSION, THREATENS GODWIN EMEFIELE’S ARREST

The House of Representatives Adhoc Committee on the redesign of three naira notes has rejected the ten days extension granted by the Central Bank of Nigeria, CBN for the swap of old N200, N500, N1,000 bank notes. In a statement on Sunday, the Chairman of the Committee and the Majority Leader of the House, Alhassan Ado Doguwa, said the green chamber will proceed and sign an arrest warrant to compel the CBN Governor, Godwin Emefiele to appear before the committee.

Doguwa described the extension as a mere political gimmick to further deceive Nigerians and worsen their economic and social livelihood, insisting that the CBN governor must appear before or stand the risk of being arrested. He also said the policy is capable of frustrating the forthcoming general elections.

The CBN had on October 26, 2022, announced its plan to redesign the three banknotes and President Muhammadu Buhari subsequently unveiled the redesigned N200, N500 and N1,000 notes on November 23, 2022, while the apex bank fixed January 31 deadline for the validity of the old notes. However, emerging from a meeting with the President on Sunday, the apex bank chief said Buhari gave permission for the deadline to be extended to February 10.