Naira Swap Policy: House of Reps Ad hoc C’ttee parleys with NSA

Paschal Emeka, Abuja | February 10, 2023

The Chairman, House of Representatives ad-hoc Committee on Naira Swap policy of the Central Bank of Nigeria, CBN, Hon. Alhassan Ado-Doguwa has observed that the scarcity of the new Naira notes has far-reaching implications for the country in the areas of security and the conduct of the 2023 general elections.

Hon. Doguwa stated this in Abuja when the Committee engaged the Office of National Security Adviser, ONSA, to the President on their readiness to cope with any eventuality as a result of the Naira redesign and the attendant scarcity of the new currency notes.

He was talking about “areas in terms of security, in terms of the elections and so many other things.

“And it is the belief of this committee that the policy would in one way or the other have certain implications to the security apparatus or security architecture of the country, especially when we are facing elections.

“In this guise, we will expect you to let the committee know what you guys are into, the level of your preparedness in terms of being proactive as to how this policy could not affect some of your statutory mandates.”

In his response, the representative of the National Security Adviser, NSA, Admiral A. A. Mustapher (ret’d) informed the committee that “because of the sensitivity of some of this information that will come but bordering on security, there are things we cannot say in the media.

“That said, globally, military operations, even in first world countries, such policies, if not properly thought out will affect some of our soldiers deployed in places where they cannot actually access digital means of paying for their daily subsistence.

“One of the main issues that NSA has been talking about is that this committee sits down and articulates better ways of actually addressing these issues.”

He added that he has directed a committee in his office to write out his position to assist the ad hoc committee meet its mandate.

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