The House of Representatives, has threatened to issue a warrant of arrest on the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele for his refusal to honour an invitation to appear before it over scarcity of three newly designed naira notes.
The House had summoned the CBN governor bank directors over the January 31, 2023 deadline for the validity of old N200, N500 and N1,000 notes but the apex bank chief refused to heed the invitation by the green chamber.
The Speaker of the House of Representatives, Femi Gbajabiamila, in a statement on Thursday, said the CBN chief, by shunning the invitation of the House, insulted the authority and prerogatives of the people’s parliament which he says is “unacceptable”.
Although the Speaker in his statement said the warrant to be issued would be against the CBN, he however did not mention Emefiele.
The House had invited Emefiele to give reasons for the ongoing failure to adequately disburse the redesigned naira notes before the expiration of the January 31, 2023.
It further constituted an ad-hoc committee led by the Majority Leader of the House, Alhassan Ado Doguwa over the matter.
Gbajabiamila noted that the House recognised the CBN authority to determine the country’s legal tender and to recall currency with reasonable notice, subject to the approval of the President
He however said notwithstanding the deadline imposed by the Central Bank of Nigeria(CBN), the House will see to it that this provision of the law is honoured in full.
The CBN on October 26, 2022 had announced its plan to redesign the three banknotes.
President Muhammadu Buhari subsequently unveiled the redesigned N200, N500 and N1,000 notes on November 23, 2022, while the apex bank fixed January 31 deadline for the validity of the old notes.
The CBN also pegged its weekly cash withdrawal limits to N500,000 for individuals and N5m for corporate firms.