Have you seen the Supreme Court ruling on old Naira notes?
In a Federal System of Government, the kind that Nigeria is running, there are three arms – The Executive, Legislature and Judiciary.
Fourth in this arrangement is the media which holds the three accountable to their activities, decisions and implementation of policies.
One of of such roles of the media is to set agenda for discourse and right here, before our very eyes, is one serious agenda that Nigerians should look at critically.
In the course of dispensing their duties, the three Arms of Government are to also check-and-balance each other. At least, we were taught in government that this is what is obtainable.
The New Naira Note Policy
Few weeks ago, such check and balance situation arose with the Naira policy being in the centre of the table.
The Executive had come with a policy that introduces new Naira notes. Nigerians saw the swapping of the old ₦200, ₦500 and ₦1000 with new ones.
Unfortunately, that exchange was not complete, as their old notes were taken without the same amount of new notes released into the system. The cashless policy came in to ride on the back of poor infrastructure which could not match the new level of transactions happening in the most populous African nation.
According to the Executive (President Buhari and the rest), the Naira policy idea was to give a final kick to corruption in Nigeria.
Vote buying is a form of corruption that could mess with any nation’s election.
Indeed, the Executive said it saw the need to kick out vote buying and reduce movement of ‘untraceable’ raw cash around.
It will mean that for huge sums to change hands, transfers must be the channel.
Nigerians welcomed this idea and swallowed the pains that came with the removal of cash from the system.
Hidden Naira Notes For Vote Buying
Some of the claims were that some politicians had kept huge sum of money aside for the election and those money must return to the bank for proper documentation.
In fact, different stories came from different quarters, all talking about corruption.
Some states, mostly loyal to the ruling All Progressives Congress (APC), rushed to the Supreme Court to stop the Executives from carrying on with that policy. They want the new Naira notes to still be in circulation.
After they approached the court, that case was adjourned several times till the general election was held and winner decided.
After Bola Tinubu was declared winner, the Supreme ruling on old Naira notes followed.
There was no longer room for adjournment, or better put, adjournment was no longer necessary.
Now, the court says these notes must be in circulation.
What You Should See In The Supreme Court Ruling
The apex court ordered that the old ₦200, ₦500 and ₦1000 notes remain in circulation till December 31, 2023.
The ruling restrained President Buhari and the CBN, from a full implementation of the Naira redesign policy on the premise that the policy was an affront on the 1999 constitution of the country.
We must not forget that the Executive never accepted the earlier rulings of the Supreme Court on the matter. They claimed that the CBN was not a party in the case.
In its ruling on the suit filed by 16 states spearheaded by Governors Nasir El-Rufai of Kaduna State along with his Zamfara and Kogi States counterparts, Bello Matawalle and Yahaya Bello, the court issued a restraining order on Buhari, stopping him from withdrawing the old ₦200, ₦500 and ₦1000 banknotes in circulation.
In the judgement read by Justice Emmanuel Agim, the apex court said the President “did not follow the provisions of the constitution before implementing the policy”.
The court also noted that the President and the CBN failed to consult the National Security Council and National Economic Council before implementing the policy.
What Is To Come
Now, the Executive will tell Nigerians that it is abiding by the Supreme Courts’ decision because it must follow the Rule of Law.
Unfortunately, Nigerians have suffered weeks of Naira scarcity and troubles. Properties and lives have been lost to protests that the anger that goes with hunger triggered.
All of that will fade away as part of systemic failure.
It will at this time appear like Nigerians have been played in the game of politics.
Vote Buying On Credit And Promises
Before the presidential election, there were rumours that the old notes will come back after the election especially if a particular candidate wins.
Also, in the heat of the old naira notes controversy, some states ruled by the APC approved the use of the notes in their states.
So many people in their states still have their old notes in their homes because they were giving an assurance that they will use the notes.
Those promises are now perfect, with the ‘Supreme Court ruling on old Naira notes’.
Now, what this means is that politicians who have set money aside for the election can now use the notes.
Alternatively, they could have made promises of cash reward to persons that will deliver their polling units. All of that will now be settled with the old Naira coming back into circulation.
No one will claim there was vote buying and that is understandable. After all, there was no Naira in circulation.
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- Naira Redesign: Supreme Court Revokes Policy, Declare Old Naira Notes Legal
- Naira Redesign: President Buhari Extends Old Naira Notes By 6 Months
- Tinubu, Buhari Meet After Supreme Court’s Ruling On Naira Notes
The ruling party scored a high there. But was it targeted at the things to come – The Supreme Court ruling on old Naira notes?
Now, Nigerians are waiting for the Executive to give a statement on this matter.
You will guess that the executive will align with the judiciary on the matter, citing the Rule of Law.
Indeed, this could make money flow out before the governorship election and the real vote buying could happen.
Was this whole Naira policy a plan of the ruling government? Was it hijacked by politicians to ensure it favours them?
Is the Supreme Court on the side of the People or the side of politicians?