By Enyichukwu Enemanna
Nigeria’s House of Representatives says it may be forced to invoke relevant laws, including issuing a warrant of arrest of the Governor of Central Bank of Nigeria (CBN) Godwin Emefiele over his refusal to honour invitations extended to him by the Parliament.
The invitation is not unconnected with the scarcity of three newly designed naira notes, N200, N500 and N1,000 notes even as the January 31, 2023 deadline for the validity of old draws closer.
The Central Bank Governor had at the Monetary Policy Committee meeting earlier in the week, said the deadline to phase out old notes as legal tender will not be extended.
The parliamentarians had sought clarifications on controversies surrounding the circulation of the redesigned Naira notes and the Jan. 31 deadline, but Emefiele did not honour their invitations, a development the House said 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”, Speaker of the House, Femi Gbajabiamila said in a statement on Thursday.
The Speaker emphasised that 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.”
