National Assembly
Reps Label Roll Out Of New Naira Notes Unmitigated Failure
….May Issue Arrest Warrant On CBN Governor, Banks MD’s
Fred Omotara, Lagos
The House of Representatives on Thursday labeled the roll out of the new Naira Notes by the Central Bank of Nigeria (CBN) has an unmitigated failure. This is even as the lawmakers threatened to invoke a Warrant of Arrest on the CBN Governor, Godwin Emefiele and Managing Directors of banks for failing to appear before the House of Representatives.
CBN Governor, Godwin Emefiele
In a statement issued on Thursday, the lawmakers described as unacceptable the refusal of any official of the CBN to appear before it despite repeated summons.
According to the statement, “The House of Representatives, in response to a motion on a matter of urgent public importance, invited CBN and Managing Directors of banks in Nigeria to appear before the House of representatives.
“They were invited to give reasons for the ongoing failure to adequately disburse the redesigned naira notes before the expiration of the deadline of 31st January 2023, when the old notes will cease to be legal tender.  “The House further constituted an ad-hoc committee led by the Majority Leader, Rep. Alhassan Ado Doguwa, for this purpose.  No official of the CBN appeared to respond to the summons by the House of Representatives.  This is unacceptable.
“The Resolution of the House was predicated on information showing that the rollout of the redesigned naira notes has been an unmitigated failure.  This failure has real and dire consequences on the ability of Nigerians to conduct business across the country.
“The refusal by the CBN to heed the invitation by the House of Representatives is evidence of a blatant disregard for the well-being of the Nigerian people who are their customers.  It is also an insult to the authority and prerogatives of the people’s parliament.
“Therefore, I will, pursuant to the authority conferred by Section 89 (1)(d) of the Constitution of the Federal Republic of Nigeria and Order 19 (2)(1) of the Standing Orders of the House of Representatives, not hesitate to issue a warrant to the Inspector General of the Nigeria Police Force to compel the attendance of the CBN or Managing Directors who fail, refuse or neglect to respond to the summons by the House of Representatives.
“The House of Representatives recognises the Central Bank of Nigeria’s (CBN) authority to determine the country’s legal tender and to recall currency with reasonable notice, subject to the approval of the President.  The House is also aware that Section 20 (3) Central Bank of Nigeria (CBN) Act mandates the CBN to redeem the face value of the recalled currency upon demand, even after the expiration of the notice of recall.
“Notwithstanding the deadline imposed by the Central Bank of Nigeria(CBN), this House will see to it that this provision of the law is honoured in full.”
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