Ifeanyi IbeAmidst the pendency of reliefs sought before the Supreme Court by a few states over the Federal Government’s currency redesign policy which ended on February 10, 2023, President Muhammed Buhari’s Thursday February 16 broadcast has impugned the jurisdiction of the Supreme Court in going forward with the matter.
As at close of proceedings yesterday where some more states joined Zamfara, Kaduna and Kogi to seek the stoppage of CBN’s implementation of the policy’s deadline, the Supreme Court had yesterday adjourned hearing to February 22, 2023, a clear three days to the presidential election. However, the court held unto its earlier ruling which asked the apex bank to allow a coexistence of the old and new currencies till February 15, pending the determination of issues sought by the states in their releifs.
Join our WhatsApp ChannelInterestingly however, the apex court failed to make definite prouncement on further extension of the deadline on the old notes after Justice John Okoro had on February 8, 2023 halted the CBN’s February 10, 2023 deadline. The adjourned date will see the states consolidate on the suit they brought before the Supreme Court gainst the Federal Government.By Wednesday, February 15, the original three states of Zamfara, Kaduna and Kogi had been joined by Niger, Sokoto, Ondo, Ekiti, Ogun, Kano and Lagos, a total of 10 states. However, Edo and Bayelsa states joined the Federal Government as defendants..
It is however believed that the president Buhari, a known taciturn, has used the broadcast as a timely response action to calm all frayed nerves nationwide as the difficulties occasioned by the CBN’s policy climaxed yesterday in violent protests with casualties recorded, across some states, especially in Southern Nigeria. He used the broadcast to further give CBN the needed support for unfettered implementation of the policy under which it has come under different kinds of namecallings.
In his broadcast, President Buhari announced that the CBN would release the old ₦200 notes to boost money supply, insisting however that ₦500 and ₦1000 had ceased as legal tenders effective yesterday February 15, 2023.
It is believed this Executive announcement amidst the pendency of state actions against the federal government has a lot to do with the jurisdiction of the Supreme Court to keep hearing the case against the CBN. It is a tacit declaration of the president’s ownership of the CBN policy which many have been uncharitable to the CBN governor, Godwin Emefiele by casting aspersions on him, claiming that he is driving a policy of personal grief having lost the APC presidential nomination.
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According to the president, “to further ease the pressure particularly on our citizens, I have given approval to the CBN that the old ₦200 bank notes be released into circulation and that it should be allowed to circulate as legal tender with the new ₦500 and ₦1000 notes for 60 days from Feb. 10 to April, 10, 2023 when the old ₦200 note will cease as legal tender”.
In what appears to be a reference to the pending case at the Supreme Court, president Buhari said, “I similarly consulted widely with representatives of State Governors as well as the Council of State. Above all, as an administration that respects the rule of law, I have also noted that the subject matter is before the courts of the land and some pronouncements have been made”.
The President’s broadcast looks like the Executive has pulled the rug off the feet of the apex court and state litigants. Having extended till April 10, 2023 the use of the old ₦200 note amidst the new ₦500 and ₦1000 notes, President Buhari who said he had taken note of “some pronouncements by the courts of the land” has thrown his presidential weight on the currency redesign policy. It suggests that the President has taken ownership of the policy which the CBN is driving on his behalf.
The question now is: what will the Supreme Court be adjudicating when the matter opens on its adjourned date of February 22, 2023?
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