The House of Representatives Ad hoc Committee on new naira re-design and naira swap policy has added a new twist to the controversy surrounding the deadline for the validity of old notes by rejecting the ten days extension granted by the Central Bank of Nigeria for the exchange.

The committee described the extension as a mere political gimmick to further deceive Nigerians and worsen their economic and social livelihood

It was reported that CBN had earlier fixed January 31 as the deadline for the exchange of N200, N500 and N1000 old naira notes. The CBN governor, Godwin Emefiele, however on Sunday said the President Muhammadu Buhari gave permission for the deadline to be extended to February 10.

The Ad hoc Committee, chaired by the Majority Leader, House of Reps, Alhassan Doguwa, in a statement on Sunday in Abuja, rejected the extension, insisting that the CBN must comply with sections 20 sub 3, 4, and 5  of the CBN Act.

The Lower House, had during its sitting on Tuesday, last week, following the outcry by Nigerians, constituted the Ad hoc committee to look into the issue.

Doguwa said that the 10-day extension for the exchange of the old naira notes is not the solution. We as a legislative committee with a constitutional mandate of the House, would only accept clear compliance with Section 20 Sub-section 3, 4, and 5  of the CBN Act and nothing more.