New naira notes: Reps threaten Emefiele with arrest

The House of Representatives has threatened to issue a warrant of arrest on the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, and other directors of the apex bank over their failure to appear before the House over the scarcity of the new naira notes.

The House of Reps had summoned Emefiele and CBN directors over January 31, 2023, deadline for the validity of old N200, N500, and N1,000 notes but Emefiele, the apex bank’s directors, and the managing directors of commercial banks in the country refused to appear before the lower chamber of the National Assembly.

However, the Speaker of the House of Reps, Femi Gbajabiamila, on Thursday, said the failure of the CBN officials to appear before the green chamber was “an insult to the authority and prerogatives of the people’s parliament”.

“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.

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“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,” Gbajabiamila stated.

The Speaker said the House recognised the CBN’s 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,” he added.

The Star