Naira Redesign: Act Fast On Supreme Court’s Order – Gbajabiamila To CBN, Hails Judgement

Speaker of the House of Representatives, Femi Gbajabiamila has lauded the Supreme Court’s judgement over the new naira policy.

Naija News reports that the speaker in a personally signed statement said the implementation of the redesign policy of the Federal Government has been “remarkably haphazard” and fell short of international standards.

Gbajabiamila submitted that the policy deviated from the prior practice of the Central Bank of Nigeria (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 Speaker hailed the decision of the Supreme Court, which nullified the federal government’s redesign policy of the N200, N500 and N1000 bank notes on Friday.

The apex court has also ordered that the old note would remain legal tender till 31 December 2023.

The lawmaker advanced that the House will 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.

He stated that “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 (CBN) 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 Central Bank of Nigeria (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 judgement 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.

“I congratulate and sincerely appreciate my brothers, the progressive governors of Kaduna, Kogi and Zamfara states, 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.

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

“The House of Representatives will 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. This is necessary to ensure we take the right legislative actions to prevent future reoccurrence.”