Supreme Court, FG on collision course over old naira notes

...Gbajabiamila calls on CBN to comply with Supreme Court Judgement

…AGF, CBN Governor should resign – APC NWC member

The Supreme Court and Federal Government are at loggerheads over old naira notes as many Nigerians are curious on which verdict to comply with.

The Supreme Court on Friday ordered that the old N200, N500, N1,000 notes remain legal tender and would be in circulation till Dec. 31.

The apex court also nullified the Federal Government’s Naira Redesign Policy, declaring it as an affront to the 1999 Constitution.

Mr Emmanuel Iheanacho, Chairman, Integrated Oil and Gas Ltd., said the Supreme Court judgement came too soon after the just concluded Presidential and National election, held on Feb. 25.

“It does seem mighty peculiar that the reported Supreme Court ruling has come at a time so soon after the conclusion of the 2023 general elections.

“Is the earlier withdrawal of those monetary tenders from circulation related to the dynamics of our political practice?

“This is a question that will definitely agitate the minds of keen political observers,” he opined.

Dr Ayodele Oni, Partner, Bloomfield Law Practice, said it was instructive to note that the Supreme Court’s original jurisdiction was clear and unequivocal.

According to him, the dispute is not within the purview of that original jurisdiction.
“To purport to act thereupon is to perpetuate abuse of court process and to set a bad precedent for the future.

“Now, all policies and actions which are politically unpopular or which affect politicians, will be construed to be within the Supreme Court’s original jurisdiction.

READ ALSO: New Naira Notes: CBN Yet To Receive Information On Supreme Court Ruling 

 

 

“For instance, INEC’s alleged non-compliance with the IReV has now gone to the apex court, being a dispute between the Federal Government and the dissatisfied politicians, occupying governorship seats, which ordinarily should amount to an abuse of court process,” he said.

He, however, said that the decision could later be used as precedent.
“Notwithstanding the foregoing, in light of the CBN’s mopping of old notes and given that the CBN was not joined in the suit in the Supreme Court, it is not, as of now, obliged to obey the ruling.

“I wonder as to whether this ruling is not in itself nugatory.

“It is instructive to note that today, March 3, in a similarly absurd case, the Supreme Court made the very disturbing finding that CBN is an agent and need not be joined before its policy would be brought before the apex court,” Oni noted.

Mr Mike Osatuyi, National Operations Controller of the Independent Petroleum Marketers Association of (IPMAN), on his part, commended the Supreme Court ruling.

Osatuyi, however, said that lPMAN’s members would abide by the court order, but would “await Federal Government’s directive”.

“For we at IPMAN, we are law-abiding marketers and we are ready for whatever the directives are.
“The order has just been passed, let’s await the government’s reaction before taking any further actions,” he said.

Also, Mr Sina Odugbemi, the National Coordinator of Where ls The Light, said that the Supreme Court did not make mistake by pushing its pronouncement after the presidential elections.

According to Odugbemi, there are different meanings to read into the judgment.

“We had elections last week and we saw the results; we are going to witness another one next week, and the difference will be clear.

“The role money plays in elections will be made very clear. If there is any lesson, this will be the number one lesson.

“The whole suffering brought on the common man is gone down the drain because the policy has failed to fully achieve its goal.

“The failure of the objective also underscores the challenge of changing the old order,” he fumed.

The power expert said that the Supreme Court by its pronouncement would no doubt bring relief to millions of Nigerians who had been subjected to untold hardship.

“The real winners in the whole imbroglio are those purported to have stashed monies, the politicians, who are bent on buying votes.”

Recall that Nigerian President Muhammadu Buhari said that old ₦‎500 and ₦‎1000 notes are no longer legal tender in the country.

Buhari said this in a national broadcast aired on national stations.

He, however, directed the Central Bank of Nigeria (CBN) to release old N200 notes into circulation as legal tender for the next 60 days.

READ ALSO: Buhari apologises: Why I approved CBN naira redesign policy 

 

 

Buhari directed the CBN to allow the new notes available to all citizens.

He apologised to Nigerians over the difficulty experienced in the implementation of the naira redesign policy.

“To further ease the supply pressure, particularly on our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and it should also be allowed to circulate as legal tender with the new N200, N500 and N1,000 bank notes for 60 days from February 10, 2023 to April 10, 2023 when the old N200 note ceases to be legal tender,” he said.

Gbajabiamila calls on CBN to comply with Supreme Court Judgement

The Speaker of the House of Representatives, Femi Gbajabiamila, has asked the Central Bank of Nigeria to comply with the judgment of the Supreme Court, which nullified the naira redesign and cash withdrawal limit policy of the apex bank.

Gbajabiamila, in a statement issued in relation to the judgment on Friday, also hailed Governors Nasir el-Rufai of Kaduna State, Yahaya Bello of Kogi State and Bello Matawalle of Zamfara State for challenging the Federal Government and the CBN in court over the policy.

It was titled ‘Statement by the Speaker of the House of Representatives, Rep. Femi Gbajabiamila, on the Decision of the Supreme Court in the Matter of the naira swap policy.’

The Supreme Court had invalidated the new naira design policy initiated by the Federal Government on the grounds that it was not done with due consultation and in line with constitutional provisions.

The apex court ordered that the old N1,000, N500 and N200 notes shall continue to be used side by side the newly redesigned notes till December 31, 2023.

The court held that the three months timeline was also not in tune with the Central Bank of Nigeria Act and as such unconstitutional.

The court also faulted president Muhammadu Buhari for declaring that the old N1,000 and N500 notes had ceased to be legal tender and extending the validity of the N200 note till April 10, against an earlier ruling by it that they all remain valid pending the determination of the case.

In his reaction, Gbajabiamila said, “It has always been the position of the House of Representatives that despite the noble intentions behind the currency swap policy, the design and implementation of the policy has been fatally flawed and contradictory to the ends of law and public policy.

“The decision of the Supreme Court suspending the currency swap policy introduced by the Central Bank of Nigeria and extending the implementation deadline to 31st December, 2023, validates the position of the House in its entirety.

“The remarkably haphazard implementation of the currency swap policy fell way short of international standards. It deviated from the prior practice of the CBN without providing any benefits to the Nigerian people or the economy of Nigeria, both of which have suffered significant harm as a result.

“The Central Bank of Nigeria must respect the apex court’s judgment and act quickly to give it full effect. This is necessary to reverse some of the damage done to our economy and prevent the continued suffering of the Nigerian people.”

The Speaker “congratulates and sincerely appreciates ” the APC governors for approaching the Supreme Court to “give a final settlement on this matter.”

He stated, “This was the right thing to do. It showed their collective adherence to the rule of law and their determination to take bold actions that serve the best interests of the Nigerian people.”

AGF, CBN Governor should resign – APC NWC member

National Vice Chairman, North West of the All Progressives Congress, Salihu Lukman, has called for the resignation of the Attorney General of the Federation and Minister of Justice, Abubakar Malami and the Governor of Central Bank of Nigeria, Godwin Emefiele.

Lukman was reacting to the Supreme Court judgment on the suit instituted by some governors to challenge the controversial Naira Swap Policy.

The apex bank on Friday has ordered that the old N1000, N200 and N500 notes should remain legal tender until December 31, 2023.

The court held that the old naira notes should co-exist with the new notes.

It faulted the directive issued by President Muhammadu Buhari to the CBN governor to limit access to cash and held that it was a violation of the right of the owners of such funds to their property.

It proceeded to set aside the cash limit directive given to banks by the CBN.

The immediate past Director General of the Progressives Governors Forum who incidentally is a member of the APC National Working Committee said both the AGF and the Governor of the CBN misled President Muhammadu Buhari to give his support to an illegal policy.

“Given the injurious nature of the consequences of the cashless policy of the Federal Government as was implemented thus far, and the damage of the Supreme Court ruling to the profile of President Muhammadu Buhari, the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele and Attorney General of the Federation, Mr. Abubakar Malami must take personal responsibility for this act of illegality by the Federal Government. In advanced democracies, public offices who commits such acts of illegality voluntarily resigns from their appointments.”

READ ALSO: S’court on naira redesign: Buhari’s disobedience of court order a demonstration of autocracy 

 

 

Lukman further commended ” Governors, Mallam Nasir Ahmed El-Rufai, Alh. Yahaya Bello and Alh. Bello Matawalle, respectively of Kaduna, Kogi and Zamfara states for their courage and initiative to challenge the action of the Federal Government in the Supreme Court.”