The Federal Government has stated that it will comply with the Supreme Court’s decision to postpone the February 10 deadline for the exchange of naira notes.
Keep in mind that the Supreme Court suspended the old naira note deadline of February 10 in its ruling on Wednesday, which is now over.
In an interview with Arise TV yesterday, the Federation’s Attorney General, Abubakar Malami, confirmed this and stated that the government was hopeful that the ex parte ruling, which comes to an end on February 15, 2023, would be overturned.
He stated that the CBN, which is an essential party to the dispute, was not joined, and as a result, the Supreme Court lacked the authority to begin the case.
Malami, on the other hand, stated that the administration’s respect for the rule of law informed its decision to comply with the Supreme Court’s order regarding the naira deadline.
“He stated: ” The Supreme Court issued an interim order that was to expire on February 15, which also happened to be the day the court scheduled for the motion’s hearing. We have taken steps to file our objection challenging the court’s jurisdiction to consider the matter with the position in mind. Jurisdiction on the basis that the Central Bank is a necessary and indispensable participant in the discussion of monetary policy.
“The law is clear that the jurisdiction of the Supreme Court cannot be invoked in a situation in which the Central Bank is not joined in the matter as a party and if the Central Bank as an institution is not joined in the matter as a party. So, we’ve thought about a lot of different things, including the question of jurisdiction, and we’ll argue it from that point of view. The issue of disobedience to the Supreme Court’s decision is out of the question because, regardless of the circumstances, it is binding and in accordance with the spirit of the rule of law. We are completely in agreement that it binds us, and we will adhere to it.
overlay-cleverCloseClose Yesterday, political parties and some stakeholders were divided about what President Muhammadu Buhari should do with the interim order from the Supreme Court asking the Federal Government and the Central Bank of Nigeria, or CBN, to continue using old Naira notes today.
The ruling All Progressives Congress, APC, is among those who agreed with the Supreme Court and urged the President and the Central Bank of Nigeria (CBN) not to stop using the old N200, N500, and N1,000 notes today; others, on the other hand, oppose it. the NNPP, or New Nigeria People’s Party; Bello Mattawalle, governor of Zamfara State; Mr. Dumebi Kachikwu, presidential candidate for the African Democratic Congress (ADC); and numerous lawyers, including Mr. Femi Falana, a SAN from Lagos.
However, the Conference of Nigerian Political Parties, or CNPP, which represents all registered political parties and political associations in the country, warned against extending the deadline for using the old notes and accused the APC of manipulating the CBN in order to buy votes at the upcoming general elections.
APC urges President Buhari to obey the Supreme Court’s Wednesday order invalidating the February 10 apex bank deadline for the swap of old currency notes for new ones. The party asked the president to direct the CBN to put an end to the “current madness,” which it claimed had caused untold pain to the people.
Salihu Moh, the APC’s National Vice Chairman for the North-West Region, issued a statement titled “Cashless Economy and Presidential Cabal” yesterday in Abuja. According to Lukman, Nigerians are living in the most uncertain times right now due to upcoming national elections and the CBN’s deliberate cash squeeze.
According to Lukman, the governments of Kogi, Kaduna, and Zamfara states took the matter directly to the Supreme Court, where they obtained an interim order on Wednesday against the CBN’s February 10 deadline to end the validity of the old Naira notes. This was partly due to the APC’s frustration with the situation.
He stated, ” This ruling means that the old notes would continue to be accepted as legal tender after February 10. The big question is whether or not this will bring an end to the current shortage of Naira. It could not. However, it is unlikely that any so-called cabal will achieve its alleged goal of delaying the February 25, 2023 elections by either creating conditions that would encourage voters to vote against the APC and its candidates, particularly Asiwaju Bola Ahmed Tinubu.
“In all of these, it is imperative that it be made abundantly clear that during President Muhammadu Buhari’s tenure, nothing has tested his credentials as a converted democrat more than the requirement to demonstrate greater compassion for the plight of Nigerians and listening ears.
“As a converted democrat, which I believe he is, President Buhari must demonstrate this by directing the Central Bank of Nigeria (CBN) to put an end to the current calamity that causes millions of Nigerians untold hardship and Naira scarcity in the country.
“One of the lessons that the current reality imposes is the need to develop our political parties and make them capable of regulating the conduct of elected functionaries for both the APC as a party and Nigeria as a nation. This is the situation not only with APC but also with all of our parties. Why is it that none of the political parties competing in the 2023 elections has called an emergency meeting of their National Executive Committee (NEC) when we have a challenge that could have significant effects on their electoral fortunes? However, we want elections to result in leaders who are accountable. The so-called cabals’ domineering control over government institutions will continue to be strong after party organs cease to be platforms for decision-making.
“All of us as Nigerians must be more sincere about winning elections beyond some partisan permutations in order to advance Nigerian democracy. As APC members, we are putting in a lot of effort to win the elections in 2023, but we will also put in even more effort to make sure that our next government, led by Asiwaju Bola Ahmed Tinubu, will listen to Nigerians and party leaders more.
Lukman added that more than 300 of the 774 local governments in the nation lack bank branches or cash centers, noting that only 39% of Nigerians have bank accounts.
“The majority of the bank branches and cash centers that are in existence are situated within the headquarters.” In particular, there are fewer than 20,000 Automated Teller Machines (ATMs) in cash centers across the nation.
“These records suggest that additional measures must be taken to strengthen the country’s banking system in order to meet the new demands brought on by the new policy. Expanding the banking system will undoubtedly necessitate emergency measures so that citizens can exchange their old notes in places without bank branches or cash centers like ATMs. Given that the International Monetary Fund (IMF) reported in November 2021 that Nigerian banks closed 234 branches and 649 ATMs, it should have issued a strong warning that the new policy would fail under the principle of ceteris paribus (all conditions remaining the same).
Sadly, none of these were taken into consideration. In addition, the Central Bank of Nigeria (CBN) and the Federal Government continue to fool themselves into thinking that the new policy can be successful despite the extremely poor banking reality. Due to the circumstances, both the old and new notes have vanished everywhere in the nation. Money cannot be accessed by anyone, even those with bank accounts. Nigerians’ gullibility is being used in some way because elections are getting closer. There are rumors that the new policy will prevent vote buying. Other convincing narratives about internal sabotage within the APC are based on the fact that powerful forces surrounding President Buhari oppose the election of APC Presidential candidate Asiwaju Bola Ahmed Tinubu as the next President of the Federal Republic of Nigeria.
“There are also serious concerns regarding the likelihood that the combination of a cash crunch and a lack of fuel in every region of the country will cause unrest and postpone the election. Some have even speculated that all of these are meant to lead to the establishment of a so-called “government of national unity,” whichever that means.
APC governors are “seeking to ambush the naira redesign policy of the CBN is a plot to retain the old naira notes for the purpose of vote-buying,” according to the CNPP, which disagrees with the ruling party. APC is using the court to arm-twist the CBN in order to buy votes.
According to Chief Willy Ezugwu, the CNPP’s Secretary General, in a statement, “from all indications, the APC is afraid of losing in the 2023 general elections, hence the desperation to kill the CBN monetary policy that could checkmate the use of illicit funds for elections,”
It read, ” We commend the security and anti-graft agencies for their efforts to mitigate the ongoing economic sabotage by desperate politicians through commercial banks, but we urge them to do more to prevent vote-buyers from using illicit and criminal proceeds in the upcoming general elections.
“Despite the obvious collaboration between some unpatriotic individuals in the APC and commercial banks actually led to the hoarding of the redesigned naira notes as media reports indicated that banks stashed the new notes in their vaults rather than distributing alloted funds from the CBN through their Automated Teller Machines, the APC has made Nigerians believe that the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, is their enemy.
“Clearly, the APC has demonstrated once more through its governors in three states—Kaduna, Kogi, and Zamfara—that it is not prepared for free, fair, and credible elections in 2023, despite benefiting from such a credible process in 2015.
“The party went ahead and used the apex court to coerce the Federal Government and its monetary agency into submission with the intention of thwarting the cashless policy of the Central Bank of Nigeria, even though the party was aware that monetary policy is outside the jurisdiction of the Supreme Court.
“The CNPP is therefore concerned that Nigerians will lose their current enthusiasm and faith in the political process if the Supreme Court continues to allow itself to be a willing instrument of destabilization prior to the upcoming elections.
“This could set the stage for a crisis that could unnecessarily enflame the political climate.
“It will be a national disaster for the courts to be willing tools in the hands of politicians to disrupt the ongoing process,” states President Buhari, “President Buhari has thus far shown his readiness to ensure free and fair elections.”
The NNPP stated that any opposition to the Supreme Court’s order regarding the old naira notes swap deadline is unacceptable to it as a party. However, any opposition to a Supreme Court decision is unacceptable to us.
Major Agbo, the National Publicity Secretary of the NNPP, reacted to the APC’s request that President Buhari obey the Supreme Court by stating, ” Our party maintains the same position. Although it is not a bad policy, the timing is off, there are not enough measures in place, and there is very little enlightenment.
“However, because the incoming NNPP is already considering reopening the window for people to be able to swap their naira notes, any opposition to a Supreme Court decision is not acceptable to us.”
Kachikwu: Naira redesign policy ill-timed and poorly implemented Mr. Dumebi Kachikwu, Presidential Candidate for the African Democratic Congress, wants the supreme court order to be followed.
He stated, ” In addition to complying with the court order, the naira redesign has caused a great deal of controversy due to its clearly flawed conception, timing, and implementation. Expect nothing positive from this process as long as we have a tainted and politicized CBN Governor implementing policies that are rumored to target particular politicians.
Nigeria faces both anarchy and a banking system collapse. Because Nigerians are losing faith in the banks, a bank run that brings a weak Nigerian economy to its knees is inevitable. Nigeria is now under attack from a divided APC. We cannot allow Nigerians to continue suffering and destroying banking facilities. The president should get law enforcement agencies to act within the law and recover such funds if they believe that certain politicians have hidden billions of dollars in their homes.
Why the CBN must follow the court’s ex parte order – Falana Mr. Femi Falana, interim chairman of the Alliance for Surviving Covid-19 and Beyond, ASCAB, stated: According to a recent report, the Central Bank of Nigeria has decided not to comply with the Supreme Court of Nigeria’s ex-parte order regarding the avoidable currency swap crisis. The Central Bank of Nigeria is not a party to the Attorney-General of Kaduna State & 2 Ors. case, which is cited as the reason for the contemptuous disregard for the rule of law. v. Attorney-General of the Federation (case number: SC/CV/162/2023) in the Supreme Court’s pending case.
“It is pertinent to remind the Central Bank Management of the case of Nkwo Augustine Eddiego v. Board of Central Bank of Nigeria (Suit No: HCIK/38/2022), in which the Delta State High Court issued an ex-parte order prohibiting the defendants from preventing the Governor of the Central Bank of Nigeria from running for political office until the motion on notice is heard and decided. Even though Mr. Emefiele was not a party to the lawsuit, he used the ex parte order to join the APC and run for president in the party’s primary before President Buhari stopped him.
“In a similar vein, Incorporated Trustees of the Forum for Accountability and Good Leadership v. Attorney-General of the Federation & Ors. No. of the suit: An injunction preventing the State Security Services from arresting, investigating, and prosecuting Mr. Emefiele for terrorism financing was granted by the High Court of the Federal Capital Territory (FCT/HC/GAR/CV/41/2022). Mr. Emefiele has not been arrested by the State Security Services in accordance with the court order, despite the fact that he was not a party to the suit.