Naira notes: Gbajabiamila asks Emefiele to obey Supreme Court’s judgment

Femi Gbajabiamila, the Speaker of the House of Representatives has asked the Governor of Central Bank of Nigeria, CBN, Godwin Emefiele to quickly respect and give effect to the judgment of the Supreme Court extending the validity of the old N200, N500 and N1000 notes to December 31 2023.

“This is necessary to reverse some of the damage done to our economy and prevent the continued suffering of the Nigerian people, the Speaker said while hailing the decision of the Supreme Court to invalidate the deadline for the currency policy introduced by the CBN.

Gbajabiamila, in a statement issued by Mr Lanre Lasisi, his Special Adviser Media and Publicity said the the judgement of the apex court was in tune with the position of the House of Representatives.

According to the Speaker, the noble intentions behind the currency swap policy, the design and implementation of the policy had been fatally flawed and contradictory to the ends of law and public policy.

Gbajabiamila noted that with the decision, the apex court had once again proved that it is the highest court of justice in the land.

He said the House had faulted the implementation of the policy as it went contrary to the law establishing the CBN, and that the Supreme Court’s decision had validated the position of the House.

“The decision of the Supreme Court suspending the currency swap policy introduced by CBN and extending the implementation deadline to Dec. 31,validates the position of the House in its entirety,”,he said.

The Speaker described the implementation of the policy as remarkably haphazard, adding that it fell way short of international standards.

He said the policy deviated from the prior practice of CBN, without providing any benefits to the Nigerian people or the economy of Nigeria, both of which ,he said ,had suffered significant harm as a result.

Gbajabiamila commended the governors of Kaduna, Kogi and Zamfara and their colleagues, for approaching the apex court to make a decision on the matter.

“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.

“While we anticipate action by CBN ,there is still a need to examine and understand how this policy intervention turned out in the way it did.”Gbajabiamila said.

He said the House of Reps would “exercise its authority to review the actions and inactions, the failures of law and procedure that set the conditions for this profound failure of public policy”.

The Speaker said it was necessary for the lower chamber to take the step to prevent future recurrence.(NAN)