PM NEWS
The Ad-hoc Committee on New Naira Re-Design and Naira Swap Policy of the House of Representatives has rejected the Central Bank of Nigeria’s (CBN) 10-day extension for swapping old naira notes.
In a statement issued on Sunday, the chairman of the committee, Rep. Ado Doguwa (APC-Kano), insisted that the CBN must comply with the law on currency swaps.
Earlier, the CBN set January 31, 2023, as the deadline for exchanging old naira notes in denominations of N200, N500, and N1,000.
However, given the parliament’s and Nigerians’ calls for more time, the apex bank announced a 10-day extension on Sunday, as approved by President Muhammadu Buhari.
Reacting to the extension, Doguwa rejected the new February 10 deadline, insisting that the CBN must comply with Sections 20(b)(3), (4), and (5) of the CBN Act, which asks the bank to provide ‘reasonable time’ for the swapping of notes.
“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 from the house, would only accept clear compliance with Section 20 Subsections 3, 4, and 5 of the CBN Act and nothing more.”
