...denies ordering CBN, AGF disregard of Supreme Court orders
From Kingsley Abavo by agency report
President Muhammadu Buhari
After weeks of acute financial hardship suffered by Nigerians following the Central Bank of Nigeria (CBN) policy on the redesigned naira notes, President Muhammadu Buhari has finally intervened.
The CBN had remained adamant in-spite of the Supreme Court ruling to allow the N500 and N1000 old notes circulate simultaneously with the new notes, till December 31.
Reacting on Monday, Buhari said the CBN and the Chief Justice of Nigeria (CJN) did not need to wait for his directive; before complying with the Supreme Court Orders.
This was conveyed in a statement signed by Garba Shehu, Senior Special Assistant on Media and Publicity to the President, and availed journalists on Monday.
Buhari condemned action of the CBN Governor, Godwin Emefiele, that it was unreasonable to blame him for the pervading controversy which trails the cash crunch, despite the Supreme Court judgement.
The CBN had no reason not to abide by Court orders on the excuse of waiting for directives from the President, the statement said.
“The presidency wishes to react to some public concerns that President Muhammadu Buhari did not react to the Supreme Court judgement on the issue of the N500 and N1,000 old currency notes, and states here plainly and clearly that at no time did he instruct the Attorney General and the CBN Governor to disobey any court orders involving the Government and other parties.”
Further, the statement pointed out that since the President was sworn into office in 2015, he had never directed anybody to defy court orders; "in the strong belief that we cannot practice democracy without the rule of law and the commitment of his administration to this principle has not changed.
“Following the ongoing intense debate about the compliance concerning the legality of the old currency notes, the Presidency therefore wishes to state clearly that President Buhari has not done anything knowingly and deliberately to interfere with or obstruct the administration of justice.
“The President is not a micromanager and will not, therefore, stop the Attorney General and the CBN Governor from performing the details of their duties in accordance with the law.
"In any case, it is debatable at this time if there is proof of willful denial by the two of them on the orders of the apex court.
“The directive of the President, following the meeting of the Council of State is that the Bank must make available for circulation all the money that is needed and nothing has happened to change the position.
“It is an established fact that the President is an absolute respecter of judicial process and the authority of the courts.
"He has done nothing in the last eight or so years to act in any way to obstruct the administration of justice, cause lack of confidence in the administration of justice, or otherwise interfere or corrupt the courts and there is no reason whatsoever that he should do so now when he is getting ready to leave office.
“The negative campaign and personalised attacks against the President by the opposition and all manner of commentators is unfair and unjust, as no court order at any level has been issued or directed at him.
“As for the cashless system the CBN is determined to put in place, it is a known fact that many of the country’s citizens who bear the brunt of the sufferings, surprisingly support the policy as they believe that the action would cut corruption, fight terrorism, build an environment of honesty and reinforce the incorruptible leadership of the President.
“President Buhari has also rejected the impression that he lacks compassion, saying that “no government in our recent history has introduced policies to help economically marginalised and vulnerable groups like the present administration."
CBN issue compliance directive to banks
In obedience to the reaction of the President; Isa Abdulmumin, CBN spokesperson, on Monday evening directed all banks to comply with the Supreme Court ruling.
“In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023.
“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.
“Consequently, all concerned are directed to conform accordingly.”
The apex bank’s statement comes few hours after the Presidency said it had no reason not to comply with Court orders, on the excuse of waiting for directives from President Muhammadu Buhari.
Bitter experience of Nigerians
Two weeks ago, the supreme court invalidated the naira redesign policy introduced by the CBN, citing a defective timing and implementation.
Delivering judgment in a suit instituted by three States of the federation, a seven-member panel of the apex Court held that the old N200, N500 and N1000 notes remain legal tender until the end of the year.
But since the verdict, neither the CBN Governor nor the Attorney-general of the federation made any official statement about compliance with the apex Court ruling.
This created an uncertainty situation promoting rejection of the old naira notes as a legal means of exchange, across the nation.
In the attendant confusion, frustration and desperation of Nigerians to survive, more hardship was enthroned and the naira currency as a scarce commodity became a highly sort after gold mine.
Consequently, an unsavoury situation became the order of the day as the naira currency was sold at different sources for various cost.
At the Point of Service (P.O.S), customers were made to pay N300 to withdraw N1,000, N5,000 goes for the payment of N1,500, and N10,000 for N3,000.
The sum of N100,000 we gathered, goes for the payment of N20,000 and N50,000 for N15,000 hence the high charges by the P.O.S operators who claim to buy cash from so called black market sources.
Nigerians were even more frustrated by the ever fluctuating network in the attempt to do cashless transactions; via the various mobile platforms.
In the face of this, the availability of the cash remained difficult as the banks were daily crowded with customers struggling to get just any amount; to be able to survive.
The banks would also go on to add to the pains of Nigerians as they would not give out more than N5,000 per customer.
As early as 6a.m; they were already crowded with frustrated Nigerians struggling to get cash and sometimes; would end up getting nothing after wasting almost the entire day.
Now that the President and CBN has spoken, we pray and hope that respite would come the way of Nigerians and normalcy restored.
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