Sequel to Wednesday’s ruling of the Supreme Court restraining the Central Bank of Nigeria (CBN), from enforcing its February 10 deadline on the expiration of some old Naira notes, a group has warned the apex bank and its Governor, Mr. Goodwin Emefiele, to comply or face the wrath of the law.
The body, Social Rehabilitation Gruppe (SRG), in a statement by its Convener/National Coordinator, Dr Marindoti Oludare, hailed the ruling, saying the rule of law had prevailed over self-aggradisement.
“This is the time for Emefiele to prove to Nigeria that he is a respecter of law or a breaker of same law.
“While I know of a fact that the CBN has the right to demobilise the Naira, it has no right to erase the value acquired by individuals,” he quipped.
Oludare, appraising the ruling, stated that “the administration of former President Goodluck Jonathan also redesigned N100, N200 and N500 currency notes, following which the new and old naira notes were both legal tender for over two years before the old notes went out of circulation”.
He added that it reeked of foul play and “subtle criminality” when the CBN governor asked people to deposit their old Naira notes, following which it failed to give them new Naira notes.
Oludare, a Nigerian from Oka-Akoko in Ondo State who is also a United States-based medical doctor, stated, “When I visited Nigeria from the United States of America on December 29, 2022, I went to Automated Teller Machine operated by First Bank of Nigeria Plc in Lagos to make some cash withdrawals but the machine dispensed only the old notes.
He also said the CBN had failed to provide a means whereby Nigerians resident abroad could exchange their old notes.
Oludare added that the time given by the CBN could not be considered a reasonable time, “as contained in Section 20 (3) of the CBN Act 2007, considering the population of the country, which according to Worldometre elaboration of the United Nations ‘ data, stands at about 219, 375,886; about 2.64% of the world population”.
Oludare further averred that setting a hurried expiry date for the old naira notes at a time Nigeria is preparing for a major election smacked of mischief and evil plot, to derail a smooth transition from one government to another.
“While it is within the right of the CBN to change the naira notes, it is also liable to addressing hiccups that could occur in the process, but in this case, the apex bank is apparently unmoved by the spectre of Nigerian masses being tortured through its monetary policy.
“To worsen things, the decision to change the old naira notes, setting a hurried deadline in tow, is coming at a very, very wrong time; when Nigerians are preparing for a presidential election on February 25, this year.
” We in the SRG smell a rat in this monetary policy as it smacks of mischief and an evil plot, which has sent tongues wagging that it is meant to mar the coming election and put the nation in turmoil, with intent to succeed the present administration with an interim government.”
“Secondly, when India did the same thing in 2016, they sought a cessation of liability ordinance in order for the old notes to cease from being a legal tender. And the rupees were readily available in all banks during this period
“The cessation of liability is not in the CBN act hence they do not have the right to stop being liable for those old notes,” he appraised.
Oludare commended a comment credited to Vice President Yemi Osinbajo condemning the sweeping application of CBN’s cashless policy but stressed that the federal government has to leave the the level of rhetoric and take a bold action, to save Nigeria.
On the coming presidential election, Oludare counselled Nigerian voters to be guided by the antecedent, administrative acumen and consistency in the convictions of the contestants to decide who becomes the next president.
“For instance, let’s look for a president who can fix electricity, who can bring Nigeria out of economic depression, who can create jobs, provide infrastructure and increase the wealth of the nation. Let us look at the track record of such a candidate, especially one who had once governed a society of very large population, “
Meanwhile theSRG has filed case before a Federal High Court, sitting in Akure, Ondo State, asking the court to stop the CBN from enforcing the February 10 deadline.
In the suit, the applicants, Dr. Marindoti Oludare, the SRG, Omoyele Ishola and Demola Obadofin are asking the court to extend the February 10, 2023 for the expiration of the old naira notes by six months.
The applicants are seeking, among others, an interim injunction restraining “the respondents and her privies, agents, or servants from enforcing the deadline date of 10th February 2023, wherein the old N200, N500, and N1000 currency notes cease to be legal tender, pending the hearing and determination of the motion on notice”.
The applicants also add that the court should give “an order compelling the respondent to extend the submission of old N200, N500 and N2000 currency notes, by a minimum of six moths before same are finally called in and cease to be a legal tender, pending the hearing and determination of the motion on notice”.
In tow, the applicants want an order of interim injunction restraining the respondent from setting a deadline for setting old N200, N500 and N1000 currency notes, saying such is alien to the provisions of the CBN Act 2007, pending hearing and determination of the motion on notice.
In the suit filed on its behalf by its counsel, L.E Ukpabi, the plaintiffs averred that the the scarcity of naira notes occasioned by the redesigning of N200, N500 and N1000 notes had brought untold hardship to the Nigerian public, as the notice for the swap was too short.