APC, PDP House Leaders Differ On Naira Exchange Extension  

Leaders of the APC and PDP caucuses in the House of Representatives have differed on the decision of the Central Bank of Nigeria to extend the deadline for the exchange of the old naira notes.

While the leader of the APC caucus, Rep Alhassan Doguwa firmly rejected the extension saying that the deadline on the point that the apex bank should maintain the extant law in the CBN Act, the PDP caucus leader, Rep Ndudi Elumelu welcomed the ten day extension.

Doguwa who is also the chairman of the Ad-hoc Committee on new naira re-design and naira swap policy insisted that the CBN must comply with sections 20 sub 3, 4, and 5  of the CBN act.

Doguwa said; ” 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.

” Nigeria as a developing economy and a nascent democracy must respect the principle of the rule of law. And the House would go ahead to sign arrest warrant to compel the CBN Governor to appear before the Adhoc committee.”

He said under his chairmanship, the committee would continue its work until it gets the demands of Nigerians addressed in accordance with the laws of the land.

Describing the extension as a mere political gimmick to further deceive Nigerians and worsen their economic and social livelihood, Doguwa said the CBN governor must appear before or stand the risk of being arrested on the strength of legislative writs signed by Hon. Speaker on Monday.

The PDP caucus leader unlike the APC leader while welcoming the extension on the naira exchange said:

“As lawmakers and representatives of the people, our caucus commends the CBN for being considerate towards the wellbeing of Nigerians; which is the essence of democratic governance all over the world.

“Our Caucus applauds the Presidential Candidate of the Peoples Democratic Party (PDP), His Excellency, Atiku Abubakar, for his intervention in persuading  President Muhammadu Buhari and CBN to extend the earlier deadline in the national interest.

“His Excellency Atiku Abubakar’s patriotic intervention at this time further shows him as a compassionate leader who is always concerned and committed towards the wellbeing of Nigerians. He has again demonstrated his experience, capacity, and competence to get the system to work in the interest of Nigerians at very critical time.

“Our Caucus calls on Nigerians not to rest on their oars but to take maximum advantage of the 10 days extension to swap their old naira notes for the new ones.”

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