The Speaker of the Federal House of Representatives, Femi Gbajabiamila, has pleaded with the Central Bank of Nigeria, (CBN) to comply with the ruling of the Supreme Court, over the naira redesign and cash withdrawal limit policy of the apex bank.
In a statement released on Friday, 3rd March, Gbajabiamila hailed the Governors of Kaduna, Kogi and Zamfara states, Nasir el-Rufai, Yahaya Bello and Bello Matawalle for instituting an action against the Federal Government and the CBN over naira redesign policy.
Recall that the Supreme Court in it’s ruling on Friday invalidated the new naira design policy initiated by the Federal Government because it was carried out without considering constitutional provisions.
The court ordered that the old naira notes including N1,000, N500 and N200 notes shall continue to be used as legal tender alongside the newly redesigned notes till December 31, 2023.
In his statement 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.”
“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.”