The ruling of the Supreme Court on the Naira swap policy is making people look to the Central Bank of Nigeria for its comment.
The apex court earlier on Friday ruled that old ₦200, ₦500, and ₦1,000 notes remains in circulation till December 31, 2023.
But will the Central Bank of Nigeria (CBN) honour the ruling of the Supreme Court?
This question has put many people in a more confusing state. They are not sure of what the decision of the CBN Governor, Godwin Emefiele, would be regarding the ruling.
Flawed Policy
The court nullified the Executive’s Naira redesign policy, declaring it was an affront to the 1999 Constitution.
Justice Emmanuel Agim, who read the lead judgement on Friday, held that the preliminary objections by the defendants (the Attorney General of the Federation, Bayelsa, and Edo states) are dismissed as the court has the jurisdiction to entertain the suit.
Citing Section 23(2)1 of the constitution, the court held that the dispute between the Executive and state government must involve law or facts.
The apex court further held that President Muhammadu Buhari in his broadcast admitted that the policy was fraught with a lot of challenges.
The court said the policy has led to some people engaging in trade by barter in this modern age in a bid to survive.
Also, the apex court added that the President’s disobedience of the February 8 order, was a sign of dictatorship.
The Fear Of Emefiele
Reacting to the ruling on social media, netizens hailed the apex court for nullifying the naira policy and listening to the cries of Nigerians.
Many others expressed fear, as they say that it is only Emefiele that has the final say.
Emefiele had continue on the policy implementation after the Supreme Court earlier asked that it suspends it.
The Central Bank of Nigeria was joined in the lawsuit.
Reactions From Nigerians
Here are some of the reactions the the Supreme Court’s ruling gathered by iBrand:
@Northerner0: “Do they have power for that? Well, even if they didn’t pass the judgment today, we are confident that the president-elect (Bola Ahmed Tinubu) will reverse the judgement and let it continue as legal tender.”
@kingsleylead: “What can be so wicked, the Buhari government stopped Nigerians from accessing their legitimate funds all in the name of winning an election”.
@YenyCrystal: “No need for the end date…it should just be in circulation till the old Naira fades off, while the new Niara should be printed more…simple.”
@trueAFICIONADO: “Supreme Court has said their own, waiting for the CBN to say their own because Supreme Court is not the bank that will collect it from us.”
Also Read: Why Tinubu Should Not Be Sworn In As President – Ezeife
@VictoryOwai: “The wahala be say if Supreme Court order is rejected now, them fit also reject court order when Obi is declared winner.”
@phemidawhiz: “How much was that amount spent on printing new naira notes again? I want to determine the level of cashout.”
@OmoKiikan: “Listen to the Supreme Court at your own risk. Na wetin Emefiele talk we go follow.”
To Save Their Jobs
People Also Read: #RejectTinubu: Six States Drag INEC, Buhari To Supreme Court
@olorunwababs: “Nigeria is a theatre of confusion; will CBN honour Supreme Court’s ruling? Time will tell.”
@VoteDefenderNG: “Apparently, Supreme Court waited to see who will win the election before ruling on this case. They needed to play safe to save their job. Let’s all get ready to hold the Supreme Court accountable on Obi’s suit”.
Indeed, the Supreme Court adjourned the case two times by two weeks, only to give the judgement after the residential election result.
Some critics have said that they wanted to favour politicians who had stacked the cash for vote buying.
