Fakoyejo OlalekanGodwin Emefiele-led Central Bank of Nigeria (CBN) has been criticised by human rights lawyer, Femi Falana, over the handling of the Naira redesign policy.
He accused the central bank of inciting the public against the banks, as the financial regulator doesn’t have sufficient Naira notes to disburse to the public through the Deposit Money Banks (DMB).
Join our WhatsApp ChannelFalana made the statement on Tuesday, 14 February 2023, during an interview with Channels TV. His assertion followed the attacks on banks by customers who are unable to access their money deposited in the DMBs.
The lawyer said Nigeria is going through the same experience of 1984 when Muhammadu Buhari led Nigeria as a military dictator.
Falana said during the military junta, Buhari ordered the redesign of the Naira and gave just two weeks for the transition. He said this led to suicide among Nigerians who could not withdraw their funds from banks.
Recall that the central bank had given two months deadline for the transition from old Naira to new banknotes, which is against the timeframe many countries give their citizens.
“The CBN appears to have incited the public against the banks whereas no new notes are being disbursed to the banks. Do you know in many states, banking operations only occur in their capitals?
“We disregard the pains of the citizens while talking of banking. Some banks have had to close down due to the safety of their staff.
“This programme was not thought out and many Nigerians embraced it initially for the purpose of eliminating vote-buying.
“There was no Committee to learn from the 1984 experience when the Buhari military junta gave just two weeks; many people committed suicide because they couldn’t collect their money,” Falana revealed.
He also warned the CBN not to disobey the ruling of the Supreme Court, stating that the apex bank has chosen not to publicly reacts to the order given not to phase out the old Naira notes until a final judgement is given on Wednesday, 15 February 2023, in the case between the FG and three Northern states; Kogi, Kaduna and Nasarawa States.
“There is no statement from CBN directing the bank to comply with the Supreme Court judgement and whether it denies or not, the Mint and Print company is not in the position to flood the market with new notes.
“Unless you are calling for anarchy, no lawyer can say the Supreme Court has no jurisdiction. Once the court, rightly or wrongly, has granted an order, no lawyer can say it should not be adhered to because the CBN was not joined. One would have expected the CBN to issue a strongly-worded statement over the suspension of the deadline due to the current confusion amongst the people and the statement credited to the AGF Malami,” Falana said.
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