New Naira Notes: Reps Reject 10 Days Extension

The House of Representatives said the 10 days extension given for old naira notes to stop circulating for the new naira notes is not acceptable.

 

NewsOnline reports that the chairman of the ad-hoc committee mandated to interface with the CBN bank and commercial banks on the naira chaos, Alhassan Doguwa, said the CBN and Godwin Emefiele must comply with Sections 20 sub 3, 4, and 5 of the CBN Act.

 

Godwin Emefiele, CBN governor in a press address on Sunday announced the extension of the deadline for the old naira notes by 10 days.

 

However, in a reaction on Sunday, just hours after Emefiele’s announcement, the chairman of the ad-hoc committee mandated to interface with the CBN bank and commercial banks on the naira chaos, Alhassan Doguwa, rejected the extension, insisting that the CBN must comply with Sections 20 sub 3, 4, and 5 of the CBN Act.

 

READ ALSO: NEW NAIRA NOTES: ATIKU HAILS BUHARI, CBN FOR EXTENSION

 

“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, “Alhassan Doguwa  said.

 

Alhassan Ado Garba popularly known as Alhassan Doguwa is the Majority Leader of House of Representatives. He is an All Progressive Congress member representing Doguwa/Tudun Wada Federal Constituency of Kano State. He was cut on camera in a campaign threatening he would flog residents of his state who do not vote for the ruling APC.

 

Doguwa argued that “Nigeria as a developing economy and a nascent democracy must respect the principle of the rule of law.” He threatened that if after sitting of the House of Monday (today) and Emefiele fails to alter the 10 days extension in line with the CBN Act, he would be arrested.

 

“And the House would go ahead to sign arrest warrant to compel the CBN governor to appear before the ad-hoc committee,” he said.

 

He added that “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.”