NAIRA NOTES SWAP: 10-day extension sufficient for exchange, say analyst

An analyst Mr. Moses Idika has said the 10-day extension for the exchange of old naira notes for the new notes approved by the Central Bank of Nigeria was reasonable enough for Nigerians who are yet to exchange their monies to exchange them.


Mr. Idika stated this on ATN Politics, while comment on the opposition by the House of Representatives that trailed the extension.


Following the announcement of 10-day extension of the naira swap deadline by CBN Governor, Mr. Godwin Emefiele, the Ad hoc Committee of the House of Representatives looking into the recall of old Naira notes through its chairman, Alhassan Doguwa, rejected the extension, insisting the CBN must comply with the provision of section 20 of the CBN Act, which specify a minimum notice period of three months.


Mr. Idika observed that the threat to order the arrest of Mr. Emefiele will amount to nothing because the CBN is acting within the provision of it establishment Act.

He wondered why the House will be moving against a policy Nigerians and the president are happy about.

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