New naira notes: 10 days extension political gimmick — Reps vow to arrest Emefiele

The House of Representatives Committee investigating the removal of old currency notes from circulation has rejected the 10 days extension by the Central Bank of Nigeria (CBN).

Ado Doguwa, the Chairman of the Committee and Majority Leader of the House, in a statement on Sunday, rejected the extension and maintained that the CBN Governor, Godwin Emefiele must appear before the House.

He described the extension by the CBN as a political gimmick and asked Emefiele to appear before the Committee or risk warrant of arrest.

It would be recalled that the House had invited Mr Emefiele on two occasions but he refused to appear.

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 ad-hoc committee.”