President Muhammadu Buhari and the central bank governor are yet to react to the ruling of the supreme court on the naira redesign policy, OduNews reports.
The apex court gave the ruling on Friday, nullifying Federal Government’s decision to stop the old N500 and N1,000 notes being legal tender, which took effect on February 10.
Nearly a month after majority of the old notes were mopped out of circulation, the challenge of cash squeeze persists, as new notes have remained elusive.
Following widespread condemnation of the policy and its accompanying pains on Nigerians, President Buhari addressed Nigerians on February 16, directing that the old N200 be returned into circulation to alleviate the hardship faced by citizens.
However, on Friday, a seven-member Supreme Court panel nullified the policy, faulting government’s handling of the process and declaring its methodology and implementation unconstitutional.
The Supreme Court ruled that though the President had authority to act as the federation’s executive, he was still required to give the federating units adequate notice before implementing the new monetary policy through CBN.
The court said that before the old naira notes were withdrawn, the states had not received reasonable notice as section 20(3) of the CBN Act required.
As a result, the Supreme Court ruled in its lead decision, read by Justice Emmanuel Agim, that Buhari’s authorisation for the CBN to withdraw the old banknotes was illegal.
As at yesterday evening, the Presidency was yet to react to the ruling, despite issuing three press statements on other matters yesterday. Also, there is yet no word from the CBN in reaction to the ruling.
President Buhari, who is presently attending a United Nations (UN) conference on least development countries in Qatar, had charged Chadian warlords and leaders of the various political factions in Chad to show restraint and patriotism by immersing themselves in the ongoing transition to democracy in the country.
He also charged the Flying Eagles to win the ongoing CAF U-20 Africa Cup of Nations (AFCON) in Egypt as Nigeria prepares to face The Gambia today in the semifinals of the competition. He had earlier also sympathised with the former First Lady, Maryam Abacha, and her entire family on the death of their son, Abdullahi.
Meanwhile, business operators, yesterday, said they are anxious to hear from President Buhari or the CBN over validity of the old notes, noting that it was risky to accept the notes until there is a directive from either the Presidency or CBN.
They said their decision was borne out of the controversy that followed a similar Supreme Court pronouncement that was not adhered to.
In a survey conducted by the News Agency of Nigeria (NAN) in the Federal Capital Territory (FCT), a taxi driver, Abubakar Umar, said he was hopeful that President Buhari or the CBN Governor, Godwin Emefiele, would speak within the week on whether or not they should go ahead and accept the old notes. He said until such directive was given, he would insist that customers paid him only with new N500 or N1,000 notes.
