House of Reps reject 10-day extension for Naira note swap; vows to arrest CBN Governor.

House of Reps reject 10-day extension for Naira note swap; vows to arrest CBN Governor.

The House of Representatives Adhoc Committee on new naira re-design & naira swap policy has rejected the 10 days extension granted by the CBN for the exchange of old ₦200, ₦500, ₦1,000 bank notes

The Adhoc Committee, chaired by the leader of the House, Hon. Alhassan Ado Doguwa, in a statement, 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 & nothing more. Nigeria as a developing economy & a nascent democracy must respect the principle of the rule of law.

The House would go ahead to sign arrest warrant to compel the CBN Governor to appear before the adhoc committee.”Doguwa 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 land.