Nigerians are beginning to search every corner of their homes and purses for old Naira notes that have not made it to the Central Bank of Nigeria’s vault.
They want to spend in spree, riding on the ruling of the Supreme Court on the old Naira notes.
It is a prayer come true for many, while it is a prophecy come true for some pastors that had seen the old Naira’s return.
But for the governor of Ondo State it is all praise for the Supreme Court.
He has hailed the Supreme Court over its ruling on the Naira redesign and cash swap policy.
The Naira swap policy is championed by the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.
The Supreme Court, on Friday, nullified the ban on the use of the old ₦200, ₦500, and ₦1000 banknotes as legal tenders.
A seven-member panel of Justices, in a unanimous decision, says the old banknotes should remain valid legal tenders until December 31.
Buhari’s Disobedience
President Muhammadu Buhari is a man who often says he obeys the Rule of Law. But on the Naira swap policy, he had followed with intensity that could give corruption a ‘final deth kick’.
But the court thinks differently. The panel also criticised President Buhari for disobeying its initial order.
The president had insisted on the ban on old the ₦500 and ₦1000 naira notes even after the court said otherwise.
To him, such an order undermined the democratic system of governance.
Emperor Of Powers
Akeredolu says the CBN Governor and the Attorney General of the Federation and Minister of Justice misled President Buhari to assume powers of an Emperor.
This is a clear indication that the Government and the people of Ondo State received the news of the ruling of the Supreme Court with great relief.
For Akeredolu, the decision of the Justices of the Supreme Court is a well-considered ruling.
He says Godwin Emefiele, and the Minister of Justice and Attorney General of the Federation, Abubakar Malami, are giving Buhari wrong advise.
He said: “The CBN Governor and the Attorney General of the Federation and Minister of Justice misadvised the President to assume powers of an Emperor answerable only to himself and no other authorities as enshrined in the law.
‘CBN Acted Most Irresponsibly’
“It is deplorable to witness small businesses collapse with unbelievable rapidity.
“We have been regaled with tales of the dehumanisation of ordinary Nigerians who have been forced to strip themselves naked in banking halls weeping to be given their monies kept with the banks.
“Some have lost their lives, needlessly, for being unable to access their deposits in the banks upon demand.
“The Governor of the CBN acted most irresponsibly when he claimed to be exercising powers, which the CBN Act does not invest in his office.
“He was quoted as saying that he was fighting corruption, money laundering and vote- buying.
“He acted, ultra vires, goaded by his political permutations,” he said.
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Talking about the role the AGF played, the governor said: “The AGF equally misled the President to act beyond the limits of his executive powers.
“Nigerians have been punished unduly.
“As the Supreme Court has pronounced, the law must be allowed to rule.
“There are statutory functions allotted to bodies in the 1999 Constitution, as amended. These bodies must be allowed to exercise those functions.
“Anyone purporting to act in contravention of the extant laws does so, either ignorantly or mischievously.
“The letters of the law are simple and understandable if the people in authority embrace less mischief”.
There Will Be Grave Consequences
From the look of things, all of these consequences that the people suffered while the policy lasted, are going to the trash can.
No one will be compensated for the grave loss in the past weeks of Naira scarcity.
Speaking further on the issue, Akeredolu advised President Buhari’s government to obey the ruling of the Supreme Court.
He says there will be grave consequences if they continue keeping the citizens hard-earned money.
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“We enjoin the Federal Government to obey the ruling of the Supreme Court immediately as there is no other alternative open to it.
Obnoxious Policy
We congratulate the States which challenged this obnoxious policy implementation and hope that our banks will release the deposits of Nigerians in their custody upon demand forthwith, as there will be grave consequences for continued seizure of the hard-earned monies of citizens.
“There is no gain asserting the obvious.
“The whole policy may have been well conceived.
“Its implementation has been politically driven.
“The CBN Governor is a partisan of injustice and oppression.
“Most Governments, perhaps with the exception of a negligible few motivated by the possibility of deriving unexpressed political advantages, cannot meet simple obligations to their citizens.
“It is most unfortunate.
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“As we enjoin the officials of the Federal Government who may be directly involved in putting into effect the spirit and the letter of the Supreme Court ruling to do so immediately, the Ondo State Government will not hesitate to proceed against persons and institutions whose activities impede its ability to discharge statutory obligations to the people.
“There is no justification for the pains to which our people have been subjected for obvious political reasons.”
Using Stashed Old Naira Notes
While he is now outspoken, the CBN and President Buhari have not said anything about the ruling of the court.
Also, critics have said the ruling will favour politicians who have stashed old Naira notes for election activities.
The idea was to make it impossible for them to use the stashed old notes.
However, all of that money will hit the system in coming days and the Naira may further lose value.
Furthermore, some opposition parties have said the policy was made to ensure the ruling party had upper hand in the general election.
