The 10 day extension offered by the Central Bank of Nigeria was rejected by the House of Representatives Committee looking into the withdrawal of old currency notes from circulation (CBN).
The CBN Governor, Godwin Emefiele, must appear before the House, according to Ado Doguwa, the Chairman of the Committee and Majority Leader of the House, who refused the extension in a statement on Sunday.
He called Emefiele's extension by the CBN a political ploy and urged him to appear before the Committee immediately to avoid facing an arrest warrant.
Remember that the House extended invitations to Mr. Emefiele on two occasions, but he declined to show up.
"The 10-day extension for the exchange of the old naira notes is not the solution," Doguwa declared. Only unambiguous conformity with Section 20 Subsections 3, 4, and 5 of the CBN Act would be accepted by us as a legislative committee with a constitutional mandate from the house.
Nigeria must uphold the rule of law principle since it is a developing economy and a young democracy. Additionally, the House would sign an arrest warrant to compel the CBN Governor to appear before the special committee.