Naira swap Archives

March 3, 2023

Breaking: Supreme Court says old Naira notes remain legal tender, knocks Buhari

The Supreme Court on Friday ordered the Federal Government to allow the old Naira notes to continue as legal tender until 31 December 2023.

Kaduna, Kogi, Zamfara had filed the suit but Rivers, Kano, Niger, Jigawa, Nasarawa, Ondo, Ekiti, Katsina, Ogun, Cross River, Lagos, and Sokoto states were among the first batch to be joined as co-plaintiffs.

Edo and Bayelsa states joined the attorney-general of the federation (AGF) as defendants.

Specifically, the states are seeking to restrain the federal government from giving effect to the deadline on the use of old N200, N500, and N1,000 notes.

On Feb. 8, the Supreme Court restrained the CBN from giving effect to the deadline following an ex parte application brought by the three states.

Channels TV reports: The apex court also nullified the Federal Government’s naira redesign policy, declaring it as an affront to the 1999 Constitution.

Justice Emmanuel Agim, who read the lead judgement, 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 Federal Government and states must involve law or facts.

The apex court further held that President Muhammadu Buhari in his broadcast admitted that the policy is flawed 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. The court added that the President’s disobedience of the February 8 order, is a sign of dictatorship.

The apex court held that President Buhari breached the Constitution of the Federation in the ways he issued directives for the re-designing of the Naira by the CBN.

Justice Agim further held that the President failed to consult the National Council of States, Federal Executive Council (FEC) and the National Economic Council (NEC) before directing the CBN to unlawfully introduce new Naira notes.

He held that the unconstitutional use of powers by President Buhari on Naira Re-designing has breached the fundamental rights of the Nigerian citizens in various ways.

The apex court said such use of powers by President Buhari is not permitted under democracy and in a society like the Nigeria.

In the unanimous judgement, the court held that the unlawful use of executive powers by the President, inflicted unprecedented economic hardship on the citizens by denying them ownership of and access to their money.

Sixteen states of the Federation instituted the suit to challenge the legality or otherwise of the introduction of the policy.

The suit initially instituted by Kaduna, Kogi and Zamfara states has been slated as the first case on the cause list for a final verdict.

Justice John Inyang Okoro who led a seven-man panel of Justices of the Court had on February 22 fixed today for the court to make its decision known on the suit.

The 16 states led by Kaduna, Kogi and Zamfara are praying the apex court to void and set aside the policy on the ground that it is inflicting hardships on innocent Nigerians

They accused the President of usurping the function of the CBN in the introduction and implementation of the policy and asked that the directive issued by Buhari be voided.

Governor Nasir El-Rufai of Kaduna State and his Kogi State counterpart, Yahaya Bello were in court to witness the judgement on Friday.

The two governors were also in court at the last hearing. Also, Zamfara State Governor, Bello Matawalle was in court on Friday.

February 22, 2023

Naira swap: Supreme Court renews interim order, adjourns till 3 March

Naira swap, Supreme Court

The Supreme Court on Wednesday renewed its interim order on the Central Bank of Nigeria, via the Federal Government to allow the old N200, N500 and N1,000 notes remain as legal tender.

It then fixed March 3 for judgment in the suits filed by some State Governors against the Federal Government over the cashless policy by the CBN and the old Naira note withdrawal.

Justice Inyang Okoro, who led the seven-member panel of justices, fixed the date after taking arguments from parties involved in the suits.

Sixteen states have so far sued the federal government over the cashless policy.

All the states in their respective motions pitched their tents with the three aggrieved states namely Kaduna, Kogi and Zamfara that initially ignited the legal battle.

The 16 states are: Kaduna, Kogi, Zamfara, Ondo, Ekiti, Katsina, Ogun, Cross River, Lagos, Sokoto, Rivers, Kano, Nasarawa, Abia, Jigawa and Niger

However, Edo and Bayelsa, both PDP states supported the federal government.

Edo and Bayelsa counsel had told the panel that they were in support of the cashless policy regime and sought to be joined as respondents.

The Supreme Court stopped the withdrawal of old Naira Notes from Feb. 10 across the nation.

A seven-member panel led by Justice John Okoro, halted the move in a ruling in an exparte application brought by Kaduna, Kogi and Zamfara.

The three states had specifically applied for an order of Interim Injunction restraining “the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on Feb. 10, the time frame with which the now older version of the 200, 500 and 1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction”.

Delivering ruling in that motion, Okoro, held that after a careful consideration of the motion exparte this application is granted as prayed.

“An order of Interim Injunction restraining the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on Feb. 10,, the time frame with which the now older version of the 200, 500 and 1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction”.

Moving the application on Wednesday, counsel to the applicants, Mr A. I. Mustapha, SAN, urged the apex court to grant the application in the interest of justice and the well-being of Nigeria.

He stated that the policy of the government has led to an “excruciating situation that is almost leading to anarchy in the land “.

While he referred to a Central Bank of Nigeria’s (CBN) statistics which put the number of people who don’t have bank accounts at over 60 percent, Mustapha lamented that the few Nigerians with bank accounts can’t even access their monies from the bank as a result of the policy.

The senior lawyer further argued that unless the Supreme Court intervenes the situation will lead to anarchy because most banks are already closing operations

February 21, 2023

Ganduje: CBN Naira Crisis virus like COVID-19, Condemns PDP, NNPP

Governor Abdullahi Ganduje, Naira swap

Governor Abdullahi Ganduje, of Kano State has likened the CBN Naira crisis as virus like COVID-19 and condemned the Peoples Democratic Party and the NNPP for supporting the hardship caused by ‘ill-timed Naira redesign policy.

Ganduje described the development as unfortunate and inhuman, according to a statement by the Governor’s Chief Press Secretary, Abba Anwar, released Tuesday.

Ganduje spoke during the distribution of palliatives to ease the hardship caused by Naira notes scarcity.

The event took place at Government House on Monday.

“To our surprise apposition parties took the situation to court supporting and protecting CBN in this ill-timed and anti-people policy.

“Governors of Bayelsa and Edo are all PDP states and are in the forefront in this blunder,” he lamented.

He described the position of the NNPP in what he (governor) said against the CBN, that, “So also NNPP came out and said what the governor of Kano state said in rejecting CBN’s Naira swap was wrong, according to them.”

“I wonder what is wrong in speaking the truth that all Nigerians are seriously suffering because of this anti-human and ill-advised phenomenon”,.Ganduje said.

“What PDP and NNPP want is for people to continue wallowing in poverty.

” We will not stop blaming CBN for this economic blunder. We love our people. Therefore anything that will disturb their well being must be rejected, till proper channel and good time are put forth.” he said.

Ganduje said Bola Ahmed Tinubu promised Nigerians that when he is elected in the forthcoming election, he would make sure that he puts a stop to the current hardship caused by the CBN.

He said, the state distributed the palliatives to cushion the effect of the hardship caused to deliberately disturb the well-being of Nigerians.

“We didn’t invite this situation, neither did we pray for it. And therefore we don’t welcome it at all. We gave similar palliatives during COVID-19 days.

“And today our citizens are being faced with COVID-23 caused by the CBN. We earlier thought it was a simple disease, but unfortunately it turned out to be a very serious virus going viral.

“The virus coming from the CBN affected all our commercial banks, our POS, our ATM machines and all other things associated to this.

“Being the most populous state in the country, we are most affected by this unfortunate development.”

Beneficiaries of the palliatives cut across the 44 local governments areas of the state

February 19, 2023

CBN, AGF must respect Supreme Court on recirculating N500 and N1000: APC says

APC, Naira swap

The All Progressives Congress (APC) has called on the Attorney General of the Federation and the Governor of the Central Bank of Nigeria (CBN) to respect the Supreme Court interim injunction, ordering the recirculation of N500 and N1,000 notes.

Sen. Abdullahi Adamu, the APC National Chairman, said this was part of resolution reached at an emergency meeting between the party’s governors and members of its National Working Committee (NWC) on Sunday in Abuja.

Adamu, who spoke to newsmen at the end of the closed door meeting, said the meeting also urged President Muhammadu Buhari to intervene in resolving issues caused by the new Naira note re-design and the cashless economy policy.

The Supreme Court had in a ruling on 8 February granted an interim injunction that the CBN and the federal government should suspend the implementation of the Feb.10 deadline for the expiration of the legal tender status of the old N200, N500 and N1000 notes.

On 15 February the apex court affirmed the ruling.

This, it said, should be pending until the hearing and determination of a suit before it slated for Feb. 22.

In a surprise move President Buhari on 16 February, in a broadcast announced that only the old N200 note would remain valid until April 10. He said old N500 and N1000 notes had ceased to be legal tender.

The broadcast had been heavily criticised and condemned by lawyers and many of the 21 governors of the APC.

Many expressed outrage that the President could openly defy the apex court in a democracy.

After the emergency meeting of the party leadership and governors on Sunday, the chairman announced the resolution reached as follows:

“Without prejudice or whatsoever to the case that is lying at the Supreme Court at this point in time, that has to do with the issue of currency re-design.

“We note very seriously that the programme and its implementation is causing tremendous difficulties to the people of Nigeria and to the national economy.

“That we urge the Attorney General of the Federation and the Governor of the Central Bank of Nigeria (CBN) to respect the Supreme Court order of interim injunction which is still subsisting.

“That the meeting is urging his Excellency, President Buhari, to intervene in resolving issues that are causing this great difficulties to the economy,” Adamu said.

He added that contrary to speculations, the party’s leadership and governors elected on its platform under the agies of Progressives Governors Forum (PGF) were on the same page on this matter.

Also speaking, Gov. Abubakar Badaru of Kebbi and Chairman PGF, expressed satisfaction on the party’s ongoing presidential campaign across the country.

Badaru said he was very proud about the conduct of party’s members and its presidential candidate, Sen. Bola Tinubu, adding that the governors and the party’s leadership are working in unity to achieve electoral victory.

“The Director-General of the campaign and indeed, governors and the party’s candidates across the country have been doing a tremendous job of mobilising the Nigerian populace.

“And we are very impressed with the support of the majority of Nigerians,” he said.

Governors of Kaduna, Kogi, Jigawa, Yobe, Zamfara, Plateau, Ekiti, Niger, Kebbi, Gombe, Lagos and Nasarawa States as well as the deputy governors of Imo and Katsina States were present at the meeting.

Tinubu also attended the meeting at the Blantyre Street head office of the party in Abuja..

The meeting lasted for about three hours.

February 15, 2023

Tinubu appeals for calm amid naira scarcity crisis

Asiwaju Bola Ahmed Tinubu, Naira swap

PRESS STATEMENT
LET US KEEP CALM AND MAINTAIN THE PEACE

I am saddened by reports of violent protests in parts of our country today especially in Delta, Oyo, Kwara and Edo states. In Delta, there were reports of arson and destruction of bank branches.

I sympathise with all Nigerians who are going through the pains of not being able to get money from banks and ATM points to meet their basic daily needs. I also sympathize with the banks for being victims of the CBN currency redesign policy.

Be rest assured that this phase will soon pass away as our governments at both the federal and state levels are working to surmount the current challenges.

With the Supreme Court reaffirming its order of 8 February on monetary authorities to allow the old and new Naira notes to circulate together, I believe a solution is right on the way and the scarcity of Naira notes will soon be over.

I am happy to note the various measures being put in place by many of our Governors to cushion the effect of the scarcity of Naira on households.

I want to appeal to our young people not to take law into their hands through destructive protests.

We feel your pains and frustration but destroying lives and properties will not solve any problem.
Rather, it will only complicate the crisis we have on our hands.

We must keep the peace and remain calm.

Let us not be provoked. Instead, let us cooperate with the government in seeking immediate and lasting solution.

This difficult time shall soon be over. We must keep hope alive as we move forward to a better, stronger and more prosperous Nigeria of our dream.
God bless you all.

Asiwaju Bola Ahmed Tinubu
Presidential Candidate, All Progressives Congress
February 15, 2023

February 15, 2023

Sanwo-Olu warns against rejection of old Naira notes

Governor Babajide Sanwo-Olu, Lagos state, Naira swap

Governor Babajide Sanwo-Olu of Lagos has warned businesses and banks against rejecting old Naira notes, saying the Supreme Court ruling of 8 February is still in force.

The court ruled that the old naira notes and the new ones should co-exist until the determination of the substantive filed by the government of Zamfara, Kaduna and Kogi states.

Many other APC states have joined the suit as plaintiffs and the case adjourned till 22 February.

Information and Strategy commissioner, Gbenga Omotoso, in a statement Wednesday said the stand of the Supreme Court has not changed.

Governor Sanwo-Olu called for patience and calmness of Lagosians following the controversy generated by the Naira shortage crisis.

“The State Government has joined the dispute at the Supreme Court, which today adjourned the hearing of the matter till February 22. When the matter first came up on February 8, the apex court said the old notes remained legal tender.

“That position has not changed. The State Government hereby warns those rejecting the old notes to desist from doing so or face prosecution. It is against the law to reject the old notes as doing so is contrary to the position of the Supreme Court.

Governor Sanwo-Olu urges Lagosians to remain law-abiding and shun mischief makers who may exploit this temporary situation to promote their anti-people agenda. He is confident that the Judiciary will resolve all the issues around the currency shortage crisis.

To cushion the effect of the Central Bank of Nigeria (CBN) directive on the old notes, especially on the vulnerable among us, Lagos State has started the distribution of the food packs promised by the Governor.

The 50% fares slash on all State transportation facilities continues, as directed by Mr. Governor.

February 12, 2023

Tinubu suggests 6-point relief plan to cash-strapped Nigerians: Statement

Asiwaju Bola Ahmed Tinubu, cashless policy, Naira swap

The APC presidential candidate, Asiwaju Bola Ahmed Tinubu has suggested a six-point measure that the monetary authorities could use to bring relief to Nigerians, facing hard times over new Naira notes scarcity.

In a statement titled, Let Us make the best of this moment, released Sunday and signed by him, Tinubu urged the CBN to implement the recommendation of the Council of States which asked the CBN to print more new notes and also allow the old notes to remain as legal tender.

Following from this, he asked the CBN to announce that the old and new Naira notes (especially the non-withdrawn notes and coins) will co-exist as legal tender for the next 12 months to follow examples of countries that have successfully implemented similar monetary policy.

“This will immediately remove growing tension in the country, eliminate panic reactions by the populace and allow time to scale up infrastructural gaps around alternative payment options to cash”.

Tinubu also advised the CBN to suspend immediately associated charges on online transactions and bank transfers and payments via POS until the current crisis is fully resolved.

“This cost should be considered a roll-out expense by the CBN to incentivise the envisaged shift to alternative transaction channels; for both the financial services consuming public and those in charge of implementing the scale-up programme”.

The APC candidate, in the statement debunked the notion being peddled by the opposition that he was against the Naira redesign and cashless policy.

He said he was only concerned about its disruptive implementation and the hardship it has brought on the generality of our people.

Those Nigerians “currently can’t access their hard-earned money to meet obligations”. This situation, he said has the attendant consequences on the informal sector, where majority operate.

The statement expressed empathy for the suffering Nigerians, the market women and men, the artisans and the SMEs and also acknowledged the progress being made in the supply of fuel round the country.

Tinubu urged Nigerians to endure the hardship and see it as a passing phase.

“Despite the challenges and current difficulties, we are a country of resilient, bold and courageous people who don’t succumb to hard times. We have always overcome our most difficult times and come out better as a people and a nation. This time will not be different. We will make lemonade out of our current lemons”, he said.

Please read the full statement:

PRESS STATEMENT

LET US MAKE THE BEST OF THIS MOMENT

The past few weeks have been a challenging one for Nigerians especially our SMEs, poor and vulnerable masses and those whose very survival depend on daily cash transactions. They have felt the brunt of the combined problems of scarcity of fuel and new Naira notes.

We feel the pains of our market women and artisans who have experienced low sales because customers do not have cash to make purchases. We hear the loud cries of farmers in rural areas and hinterlands who have been forced to sell their produce at much lower prices so they don’t lose out completely. We hear every Nigerian dealing with the consequences of the roll-out of the cash swap programme.

While the scarcity arising from the supply limitations of the new naira notes is still with us, we are encouraged about reports that the fuel queues across the country are easing out as a result of better supply to fuel stations. We are now confronted with how to bring quick, sustainable solution, and relief to Nigerians on the challenges still posed by the non availability of new Naira notes, so that social and economic activities can move on unimpeded and normalcy can immediately return to our financial services sector and overall productivity of our nation.

In seeking a quick resolution, the National Council of State met on Friday, February 10, 2022 and advised the government and Central Bank in particular, to push more new Naira notes into circulation and also allow for the old notes to remain a legal tender by ensuring supply gaps relative to infrastructural limitations are bridged by recirculating it to ameliorate the pains caused by the scarcity of new ones. We agree with the wisdom of the Council of States as a necessary starting point to begin redressing the unintended consequences of what would have otherwise been a good policy that required mainstream adoption. For the records, I and my running mate, Senator Kashim Shettima and our campaign council do not have anything against the CBN Naira redesign and cashless policy in principle. We are,however, only concerned about its disruptive implementation and the hardship it has brought on the generality of our people who currently can’t access their hard-earned money to meet obligations and the attendant consequences on the informal sector, where majority operate.

Despite the challenges and current difficulties, we are a country of resilient, bold and courageous people who don’t succumb to hard times. We have always overcome our most difficult times and come out better as a people and a nation. This time will not be different. We will make lemonade out of our current lemons.

To bring immediate relief to our people, we urge the Central Bank to consider the following:

1. Following the advice of the Council of States, the CBN should announce that the old and new Naira notes (especially the non-withdrawn notes and coins) will co-exist as legal tender for the next 12 months to follow examples of countries that have successfully implemented similar monetary policy. This will immediately remove growing tension in the country, eliminate panic reactions by the populace and allow time to scale up infrastructural gaps around alternative payment options to cash.

2. We advise the immediate suspension of associated charges on online transactions and bank transfers and payments via POS until the current crisis is fully resolved. This cost should be considered a roll-out expense by the CBN to incentivise the envisaged shift to alternative transaction channels; for both the financial services consuming public and those in charge of implementing the scale-up programme.

3. Mobilise all Money Deposit Banks, Payment platforms to show clear commitment and timelines on expanding their infrastructure and support services.

4. Bring in Fintech companies with capabilities into currency swap programme for the next 90 days to help decongest banking halls and ATM points where people line up for hours.

5. The Central Bank and other relevant MDA’s should form an Inter-Agency Action Committee for immediate oversight over the cash supply gaps from the Nigerian Security and Minting Company and deal with issues around capabilities and turn around time to meet the needs of the informal sector and unbanked people.

6. The CBN, National Orientation Agency and Ministry of Information, State and Local Governments with their relevant organs in both the public and private sectors should commence a major public enlightenment and sensitisation campaign to further educate and empower our people on the new naira and cashless policy for better understanding and mainstream adoption.

As leaders, our commitment to our country everyday must be on how to make life better for our people and we are called upon not to waste the opportunity the moment presents to us to ramp up capacity and capability to serve 200 million Nigerians, leaving no one behind and ultimately improve the living conditions of every single Nigerian. Our task now is to restore hope in the country by implementing these steps to energise our people that we can do big things for a better future and shared prosperity. We can build upon this citizen-focused policy challenge to offer a template on how governance should work for the people.

God bless you and God bless Nigeria. We are overcomers.

Asiwaju Bola Ahmed Tinubu
All Progressives Congress Presidential Candidate
February 12, 2023

February 10, 2023

Naira swap: Emefiele, CBN must comply with Supreme Court order, says Falana

CBN Governor Godwin Emefiele, Femi Falana, Naira swap

The interim Chairman of the Alliance on Surviving Covid-19 and Beyond (ASCAB), Femi Falana, has given reasons the Central Bank of Nigeria (CBN) must comply with the Supreme Court order in respect of the currency swap crisis.

In a statement on Thursday, Mr Falana said his speaking up became necessary because there are reports suggesting that the CBN has decided that it will not follow the injunctions of the apex court.

According to the Senior Advocate, such a move by the CBN will be nothing but a contemptuous disregard for the rule of law.

Falana took a look at the technicalities of the case establishing the reason the Management of the Central Bank might be looking to ignore the court order.

The legal luminary however, gave his counter reasons why the CBN cannot disregard the Supreme Court, citing cases that give greater context to the matter on ground.

Falana’s statement titled “Why CBN Must Obey Ex Parte Order Of Supreme Court”: .

We have just read a report that the Authorities of the Central Bank of Nigeria have decided not to comply with the ex parte order issued by the Supreme Court of Nigeria in respect of the avoidable currency swap crisis.

The reason adduced for the contemptuous disregard for the rule of law is that the Central Bank of Nigeria is not a party to the case of Attorney-General of Kaduna State & 2 Ors. v. Attorney-General of the Federation (Suit No: SC/CV/162/2023) pending at the Supreme Court.

It is pertinent to remind the Management of the Central Bank of the case of Nkwo Augustine Eddiego v. Board of Central Bank of Nigeria (Suit No: HCIK/38/2022), where the Delta State High Court granted an ex parte order which restrained the Defendants from preventing the Governor of the Central Bank of Nigeria from seeking political offices pending the hearing and determination of the motion on notice in the case. Even though Mr. Emefiele was not a party to the suit he took advantage of the ex parte order to join the APC to contest the presidential primary of the APC before he was stopped by President Buhari.

Similarly, in the case of Incorporated Trustees of the Forum for Accountability and Good Leadership v. Attorney-General of the Federation & Ors. (Suit No: FCT/HC/GAR/CV/41/2022) the High Court of the Federal Capital Territory granted an injunction restraining the State Security Services from arresting, investigating and prosecuting Mr. Emefiele for terrorism financing. Although he was not a party to the suit Mr. Emefiele has not been arrested by the State Security Services on the basis of the court order.

Therefore, it is height of arrogance of power for Mr. Emefiele to treat the ex parte of the Supreme Court with provocative contempt. In view of the looming anarchy in the country we are compelled to draw the attention of the Central Bank Management of the rule of law to the case of Attorney-General of Lagos State v. Attorney-General of the Federation (2005) 2 WRN 1 at 109 where Tobi JSC of blessed memory cautioned all authorities and persons in Nigeria thus:

“In a society where the rule of law prevails, self-help is not available to the executive or any arm of government. In view of the fact that such a conduct could breed anarchy and totalitarianism, and since anarchy and totalitarianism are antitheses to democracy, courts operating the rule of law, the life-blood of democracy, are under a constitutional duty to stand against such action.

“The courts are available to accommodate all sorts of grievances that are justiciable in law and section 6 of the Constitution gives the courts power to adjudicate on matters between two or more competing parties. In our democracy all the governments of this country as well as organizations and individuals must kowtow to the due process of the law and this they can vindicate by resorting to the courts for redress in the event of any grievance.”

It is public knowledge that the Federal Government has filed a preliminary objection challenging the jurisdiction of the Supreme Court to hear and determine the case of the Attorney-General of Kaduna State & 2 Ors v Attorney-General of the Federation (supra).

In the interim, the Federal Government of Nigeria and its agencies including the Central Bank of Nigeria are bound by the valid and subsisting ex parte order of the Supreme Court of Nigeria until it is set aside by the same court.

The alternative is to compound the ongoing anarchy and chaos in the land.

Femi Falana SAN,
Interim Chairman,
Alliance for Surviving Covid 19 and Beyond (ASCAB)

*Reported by Channels TV

February 8, 2023

Tinubu hails Nigerian Governors over Supreme Court ruling on Naira swap

Asiwaju Bola Ahmed Tinubu, Naira swap

Tinubu hails Nigerian Governors over Supreme Court ruling on CBN Naira Swap policy

All Progressives Congress Presidential Candidate, Asiwaju Bola Ahmed Tinubu has hailed the Governors of the 36 states for standing on the side of the Nigerian people over the Central Bank new Naira and cashless policies that have subjected the masses to pains.

According to Asiwaju Tinubu, the Governors especially the APC Governors who instituted the suit against the CBN and Federal Government at the Supreme Court acted well on behalf of the hapless Nigerians who have been made to bear the brunt of Naira redesign policy that has been poorly implemented

The Supreme Court on Wednesday morning in a law suit brought before it by the governments of Zamfara, Kogi and Kaduna States gave an interim injunction against the CBN and Federal Government, allowing the old N200, N500 and N1000 to remain legal tender beyond February 10 deadline until the case is fully disposed.

Following the apex court ruling, Asiwaju Tinubu noted that the governors have saved the country from a needless political and economic crises and miseries which have clearly become the unintended consequences of the monetary policy of the apex bank.

Asiwaju Tinubu noted that the Supreme Court ruling coincided with the advisory of the International Monetary Fund urging for the extension of the deadline for the swap of the old naira notes, going by the problems being experienced across the country in getting the new notes.

“I want to salute the courage of our Governors and most especially the Progressives Governors in APC who acted to save our country from avoidable and dangerous political crises and social unrest which the Central Bank policy on new Naira notes has brought on our country.

“Our country was dangerously careering toward anarchy and political and economic shutdown. But with the Supreme Court interim ruling our country has been pulled back from the precipice. We thank our Supreme Court Justices for ruling wisely on the side of the people who have been subjected to undue agony and pains since this policy was announced.

“The Federal Government and relevant stakeholders can now sit down and work out better framework on how to proceed with the new policy without causing any social and economic disruption and inconvenience to our people. We have examples of other countries that have successfully and seamlessly changed their currencies to learn from.

“Those countries give a long time, at least 12 months to effect the currency change. They do not engage in CBN-like Fire Brigade approach.

“We have seen how a good policy can be poorly implemented to cause unintended problems for the people who should be the beneficiaries. While lessons have been learnt, we must now move on as a country and people with a Renewed Hope for a better tomorrow.

“The sole aim of my running to be the president of our country is to make life better and more abundant for our people and this is an ideal for which I will remain eternally committed to.”

Asiwaju Tinubu called on the CBN to ensure that the Supreme Court ruling is effectively executed by taking all necessary steps to (i) ensure sufficient availability of Naira notes (whether old or new) and (ii) properly sensitising the public on the ruling and the consequent validity of old Naira.

Bayo Onanuga
Director, Media & Publicity
APC Presidential Campaign Council
February 8, 2023

February 8, 2023

Supreme Court halts CBN, Buhari over currency swap deadline

Naira swap, Supreme Court

The Supreme Court on Wednesday temporarily stopped the withdrawal of old Naira Notes from Feb.

A seven-member panel led by Justice John Okoro, halted the move in a ruling in an exparte application brought by three northern states of Kaduna, Kogi and Zamfara.

Delivering ruling in the motion, Okoro, held that after a careful consideration of the motion ex parte this application is granted as prayed.

He accordingly adjourned until Feb. 15, for hearing of the main suit.

Moving the application on Wednesday, counsel to the applicants, Mr A. I. Mustapha, SAN, urged the apex court to grant the application in the interest of justice and the well-being of Nigeria.

He stated that the policy of the government has led to an “excruciating situation that is almost leading to anarchy in the land “.

The senior lawyer further argued that unless the Supreme Court intervenes the situation will lead to anarchy because most banks are already closing operations.

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