The House of Representatives Ad hoc Committee has reportedly rejected the 10-day extension of the deadline for the naira notes swap by the Central Bank of Nigeria (CBN).

The committee described the extension as a mere political gimmick to further deceive Nigerians and worsen their economic and social livelihood.
The CBN had earlier fixed January 31 as the deadline for the exchange of N200, N500 and N1000 old naira notes but extended the deadline on Sunday, January 29, to February 10.
Godwin Emefiele, the CBN governor, announced the extension on Sunday after meeting with President Muhammadu Buhari and securing his approval. Reacting to the development, the Ad hoc Committee, chaired by the Majority Leader, House of Reps, Alhassan Doguwa, rejected the extension, insisting that the CBN must comply with sections 20 sub 3, 4, and 5 of the CBN Act. “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-section 3, 4, and 5 of the CBN Act and nothing more,” Doguwa said.
Doguwwa said the House would go ahead to sign the arrest warrant to compel the CBN Governor to appear before the Ad hoc committee. He added that the committee would continue its work until it gets the demands of Nigerians addressed in accordance with the laws of the land. Doguwa reiterated that Emefiele must appear before the House or stand the risk of being arrested on the strength of legislative writs to be signed by the Speaker on Monday, January 30. The lawmaker said the CBN policy was capable of frustrating the forthcoming general election.