Old Currency Extension Deadline: Senate is powerful, Hammered CBN.

National Assembly Complex Abuja
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In democracy, among the three recognized alms of government, the Senate decision, as the legislative Alms, matters and should be so recognized.

With the recent decision at the Senate red chamber to extend the closing date for collection of old currency exchange, there’s no doubt that this decision has not gone down well within the few people. This is normal in democratic milieu.

Central Bank of Nigeria, CBN, logo
Central Bank of Nigeria, CBN, logo

However, one questionable point that some few people want to know about and has come to bear is this: does the Senate get the power to execute the extension? The simple answer is YES. After all, as senior legislative alms, members are elected by majority of Nigerians to make laws for legislation. The members of the Central Bank of Nigeria, CBN, who are saying no going back in the 31st January, 2023 are mere appointees and employees of the government. They should not be acting as alfa and omega in the matter.

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As a matter of fact, any law that is seen to be anti human and against the development of the economy should be fought tooth and nail by Nigerians to resist such law.

Unfortunately, sometimes, most Nigerians are double standards that do not know what’s good for them. Since the CBN started the melodrama in November 2022, some few people have blamed the National Assembly members for not taking any decision in the matter as the supposedly voice of the people because they are elected by the people and for the people.

The Central Bank of Nigeria's Governor, Godwin Emefiele
The Central Bank of Nigeria’s Governor, Godwin Emefiele

Ironically, yesterday, the Senate finally took the bull by the horns and extended the closing date for collection of old currency exchange from January to June, 2023. Still, some of the same people that questioned the Senate Silence are not happy of the present extension.

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But, if the Senate has no power to make this simple extension, where does she get her power to legislate billions of Naira and Dollars for the country beats one’s imagination.

Against any political factor, the decision of the Senate to extend the closing date for collection of old currency exchange is the best to nip the issue in the bud. If not for political and selfish reasons, why the desperation in the January 31st deadline against the suffering of the people?

Any thing else outside this decision should be resisted by the people, because we are in democracy, please. Enough should be seen to be enough.

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Therefore, every discernible mind should strongly support the Senate extension of closing date for collection of old currency exchange as well as the INEC’s one week extension of PVC collection with immediate effect and not minding whose ox is gored.

Democracy is what we choose to practice, and it should be seen to be working please.

Saka Raji Audu writes from SRA MEDIA LTD, publishers of Arewa Trust Newspaper

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