Lawmakers at the lower Chambers and the Peoples Democratic Party, PDP are at daggers drawn as both parties sharply disagree on the decision of the Central Bank Governor, Mr Goodwin Emefiele to extend the exchange of old naira notes to new banknotes.
Failed by time and mounting pressure from different quarters, the CBN Governor during his visit to President Mohammedu Buhari at his village home in Daura, Katsina state, addressed a press conference where he announced that the President has approved an extension for the exchange of new naira notes to February 10th, with another seven days widow for Nigerians who have legitimate old naira notes to exchange for the new banknotes.
“Aside from those holding illicit or stolen old naira notes in their homes for speculative purposes, we do aim to give all Nigerians that has the old naira notes legitimately earned and trapped, the opportunity to deposit their legitimate trapped money at the CBN for exchange,” he said.
But the Lawmakers in a swift reaction shortly after the announcement, described the extension as a mere political gimmick aimed to further deceive Nigerians, adding that the CBN Governor must appear before the ad hoc committee as earlier requested.
The committee chairman, Honourable Alhassan Ado Doguwa stated that the policy has the potential to sabotage the forthcoming general elections as the security agencies and their operations, particularly at the state level, are generally funded through cash advances and direct table payment of allowances to operatives during the elections.
But a minority caucus of the House, led by Ndudi Godwin Elumelu of the PDP, Aniocha, Ishimili federal constituency of Delta state and minority leader, applauded the CBN Governor for the extension, adding that it would reduced the tension already generated as virtually all Nigerians would have the opportunity to exchange their old naira notes for the new banknotes.
The minority leader who hailed the PDP presidential candidate, Alhaji Atiku Abubaka for being the first person to call for an extension of the naira swap exercise, said the party, PDP had always demonstrated compassionate on the plight of Nigerians in issues as this.
He stated that Alhaji Atiku was moved by the hardships Nigerians are currently going through in order to get access to the New naira notes, hence, he insisted on the extension.
But the ad hoc committee chairman has declared that the 10-day extension can not be the solution, adding that, “we, as a legislative committee, with constitutional mandate of the House, would only accept clear compliance with section 20 sub sections 3,4, and 5 of CBN Act, and nothing more.”
Alhaji Doguwa, however, threatened that should the CBN remains adamant, the House would proceed without delay to sign arrest of warrant to compel the CBN Governor, Mr Goodwin Emefiele to appear before the ad hoc committee.
Emefiele while addressing the press at Daura, reeled out the immediate benefits of the demonetization exercise to include tracking the amount of money in circulation that were held outside the banking system had been retrieved.
He stated that by so doing, the CBN has been able to keep the volume money in circulation under control as this measure has helped to check the ever rising inflation in Nigeria.
The CBN Governor disclosed that arrangements have been concluded with security agencies as the ICPC, EFCC and the DSS in collaboration with the CBN officials to monitor the banking system with the aim of fishing out bank officials culpable of indulging in illicit transactions with the new banknotes.
He assured Nigerians that the new widow would address the anxiety already generated by some unscrupulous bank officials who are hell bent in frustrating the policy.
It would be recalled that the Speaker of the House of Representatives, Honourable Femi Gbajabimila had earlier in week, threatened to issue warrant of arrest on the CBN Governor over what the lawmakers perceived as recalcitrant disposition towards extending the January 31 deadline for the currency swap exercise, and the hardships Nigerians are currently experiencing in accessing the new naira notes at different commercial banks across Nigeria.
