Gbajabiamila hails Supreme Court’s ruling on naira swap, urges compliance

The Speaker of the House of Representatives, Femi Gbajabiamila, has reacted to the Supreme Court ruling extending the validity of old naira notes till December 31.

A seven-member panel of the Supreme Court declared on Friday morning that the old N200, N500, and N1000 had not lost their legal tender status.

The apex court ruled that the timing and implementation of the Central Bank of Nigeria’s policy were faulty, and did not meet international standards.

The CBN had on December 23, 2022, fixed January 31 as the deadline for the withdrawal of the old notes from circulation.

The deadline was later extended to February 10.

However, President Muhammadu Buhari last month extended the validity of the old N200 notes till April 10.

He also declared that the old N500 and N1,000 had ceased to be legal tender.

The policy had plunged the country into an unprecedented socio-economic crisis with Nigerians experiencing difficulties accessing funds in their bank accounts.

At least 10 people had been killed and properties destroyed by angry youths protesting the scarcity of naira notes in many parts of the country.

In a statement issued on Friday, Gbajabiamila said the Supreme Court’s ruling aligned with the House’s position on the policy.

READ ALSO: Supreme Court faults CBN naira redesign policy, says old notes remain legal tender

He appealed to CBN to comply with the ruling.

The statement read: “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 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 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 CBN must respect the apex court’s judgment 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.”

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