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Naira redesign: Kaduna govt lauds Supreme Court ruling

Kaduna State Government and millions of its residents have applauded the ruling of the Supreme Court, extending the use of the old naira notes beyond the February 10, 2023 deadline set by the Central Bank of Nigeria (CBN).

A statement signed by Special Adviser on Media and Communication, Mr. Muyiwa Adekeye on Wednesday, February 8, thanked “the justices for their decision and appeals to the federal authorities to treat the ruling as an opportunity to relieve human suffering.”

The statement recalled that the “governments of Kaduna, Kogi and Zamfara states were compelled to approach the Supreme Court to mitigate the needless stress imposed on ordinary people and their livelihoods by the ill-timed, incompetent planning and execution of an overnight cashless policy.”

Adekeye argued that CBN advanced no emergency justification for what he described as “this callous decision to deny people access to their deposited cash.”

The Special Adviser noted that “we have engaged extensively with the Federal Government and the Central Bank of Nigeria.

“This has included furnishing evidence-based demonstration of the threat to public welfare and economic activities by this myopic policy that would have been condemned as draconian and insensitive were it being pursued by an occupying power,” he added.

The statement advised that “is not to the credit of a sovereign, democratic government that this level of suffering is being callously imposed when there is neither a compelling emergency situation nor clear benefits for citizens and the economy.”

According to Adekeye, Kaduna State Government hopes that a review of the currency swap policy would now be undertaken to fashion out a better implementation programme.

The programme should include timeline that provides enough old and new currency notes, for our citizens, prioritises public welfare and restores economic activity, he advised.

“Like other elected APC state governments, we have advised that this should be based on a whole of government approach that pulls together all the necessary institutions of the federal and state governments, and recognizes global best practices and reasonable timeline for implementation,” he added.

The Supreme Court had earlier on Wednesday temporarily stopped the withdrawal of old Naira notes from February 10.

A seven-member panel led by Justice John Okoro, halted the move in a ruling in an ex-parte application brought by three northern states of Kaduna, Kogi and Zamfara.

The three states had specifically applied for an order of Interim Injunction restraining “the Federal Government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on February 10, the time frame with which the now older version of the 200, 500 and 1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction”.

Delivering ruling in the motion, Justice Okoro held that after a careful consideration of the motion ex-parte this application is granted as prayed.

“An order of Interim Injunction restraining the federal government through the CBN or the commercial banks from suspending or determining or ending on Feb. 10,, the time frame with which the now older version of the 200, 500 and 1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction”.

He accordingly adjourned until February 15, for hearing of the main suit.

The Star