Election: Reps moves to arrest Emefiele; rejects CBN’s deadline extension on old naira notes


The House of Representatives Ad Hoc Committee on new naira re-design and naira swap policy has rejected the 10-day extension granted by the Central Bank of Nigeria, CBN, for the exchange of old notes.

The CBN had fixed January 31 as the deadline for the exchange of the old naira notes – N200, N500 and N1,000.

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


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“And the House would go ahead to sign arrest warrant to compel the CBN Governor to appear before the ad hoc 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 land. 

Describing the extension as a mere political gimmick to further deceive Nigerians and worsen their economic and social livelihood, Doguwa said the CBN governor must appear before or stand the risk of being arrested on the strength of legislative writs signed by the Speaker on Monday. 

He also said the policy is capable of frustrating the forthcoming general elections.

“Security agencies and their operations, especially at the state level, are generally funded through cash advances and direct table payments of allowances to operatives during elections,” he said.

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