Tinubu Reacts As Supreme Court Stops Naira Swap Deadline

The ruling All Progressives Congress (APC) presidential candidate, Bola Tinubu has called for the suspension of the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele following an order of the Supreme Court that the old naira notes should remain in circulation beyond the February 10 deadline earlier announced.

Naija News reports that the apex court gave the fresh order barely two days before the deadline for the naira swap announced by the Central Bank of Nigeria (CBN).

It would be recalled that three State Governors – Nasir El-Rufai of Kaduna, Yahaya Bello of Kogi, and Bello Matawalle of Zamfara had filed an ex parte motion before the Supreme Court petition for a temporary restraining order to stop President Muhammadu Buhari’s administration and the Central Bank of Nigeria (CBN) from continuing with the deadline for the full implementation of the naira redesign policy.

The Governors had challenged the deadline set for the withdrawal of the ₦1,000, N500, and N200 old notes from circulation.

Giving judgment on Wednesday in the ex-parte motion brought by the Governors, a seven-member panel of the apex court led by Justice John Okoro temporarily halted the move by the Federal Government to ban the use of the old naira notes from February 10, 2023.

Reacting through the Director of Media and Publicity of his campaign council, Bayo Onanuga via his Twitter handle on Wednesday, said the narrow window fixed for withdrawal of the old notes “is grossly unreasonable and is sheer madness.”

He described the order of the apex court as a victory for  Nigerians who are believed to be most affected by the cash crunch caused by the CBN’s naira redesign and cash swap policy.

He said: “The Nigerian people have won in the battle to make Godwin Emefiele and his CBN see the reason that their 10 February swap deadline is grossly unreasonable and is sheer madness. And it is time for President Buhari to suspend this fumbling governor from office.”