Buhari’s Directive On Old Naira Notes Flouts The Rule Of Law

The speaker of the house of representatives, Femi Gbajabiamila has faulted President Muhammadu Buhari’s directive on the old naira notes.

In a televised address on Thursday morning, Buhari said he has directed the Central Bank of Nigeria (CBN) to extend the validity of old N200 notes till April 10.

The president also said all existing old N1,000 and N500 notes will remain redeemable at the Central Bank of Nigeria (CBN) and designated points for 60 days.

Gbajabiamila, in a statement issued on Thursday, Gbajabiamila said Buhari’s directive conflicts with the supreme court ruling.

Gbajabiamila said the federal government’s directive on the old notes despite the supreme court ruling “suggests a wanton disregard for the rule of law”.

“This morning, President Muhammadu Buhari, GCFR, announced that he has authorised the Central Bank of Nigeria (CBN) to reintroduce the old N200 notes into circulation, pending when the Bank can make sufficient amounts of the new currency available. This is a step in the right direction, and I hope it helps curb Nigerians’ suffering,” Gbajabiamila said.

“However, the decision still falls short of the order of the Supreme Court that the old currencies remain legal tender pending the adjudication of a pending suit brought by state governments on the legality of the policy and its implementation.

“It is not to the benefit of our country for the Federal Government to act in ways that suggest a wanton disregard for the rule of law. It will be better for us to strictly adhere to the court’s order in this matter pending the adjudication of the substantive suit.

“For the sake of our country, we must work together to resist actions that escalate tensions and endanger our democracy at this crucial moment of national awakening and rebirth.

“In all things, let the well-being of our fellow citizens and the survival of our nation be foremost in our hearts and guide all the decisions we make in this historic moment.

“Citizens and visitors are experiencing grave and unnecessary hardship across our country. They spend hours and days queuing at banks and teller machines to receive stipends of their own money to afford life’s necessities.

“This situation is a consequence of the flawed implementation of the naira redesign policy by the Central Bank of Nigeria (CBN). It is also the result of decisions made by the Central Bank’s Governor, Mr Godwin Emefiele, to refuse counsel, be guided by precedent, or abide by the decisions of superior courts.”

Gbajabiamila said section 20(3) of the CBN Act, 2007 stipulates the statutory authority for the apex bank to implement policies for the recall of the Nigerian currency.