The committee says the new deadline of 10 February is a political gimmick and urged Mr Emefiele to comply with section 20 of the CBN Act or risk a warrant of arrest.
The Governor of the CBN, Godwin Emefiele, earlier announced the extension of the deadline till 10 February from the initial 31 January.
The Chairman of the Committee, Alhassan Doguwa, in a statement on Sunday, described the new deadline of 10 February as a political gimmick and urged Mr Emefiele to comply with section 20 of the CBN Act or risk a warrant of arrest. “Notwithstanding Sub-sections and of this section, the Bank shall have power, if directed to do so by the President and after giving reasonable notice in that behalf, to call in any of its notes or coins on payment of the face value thereof and any note or coin with respect to which a notice has been given under this Sub-section, shall, on the expiration of the notice, cease to be legal tender, but, subject to section 22 of this Act, shall be redeemed by the Bank upon demand,” section 20 reads.
“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.
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