APC urges Buhari to respect Supreme Court ruling and prolong life of old naira notes

PRESIDENT Muhammadu Buhari's own All Progressives Congress (APC) has urged him to obey the recent order made by Nigeria's Supreme Court ruling that the federal government should abandon plans to end the use of old naira notes on February 10.

On November 23 last year, the Central Bank of Nigeria (CBN) launched redesigned ₦‎200, ₦‎500 and ₦‎1000 banknotes, saying the naira was long overdue to wear a new look. Nigerians had been given until January 31 to hand in all old notes, after which time they will cease to be legal tender but the process has been fraught with difficulties, prompting the National Assembly to ask the CBN to extend the deadline.

Under pressure from all angles, CBN chairman Godwin Emefiele announced the new deadline is now February 10. However, the last few weeks have been sheer hell for Nigerians as they have found it impossible to get hold of these new notes and this currency scarcity has created shortages in other areas, with petrol shortages now a chronic problem too.

At commercial banks across the country, there are chaotic scenes as customers queue for hours to get hold of these scarce banknotes. Those that manage to get hold of any money then have to spend hours queuing for fuel and to make things worse, voters who want to participate in this month's elections gave to go and queue for hours to obtain their permanent voters cards.

Yesterday, ruling in a case filed by the Kaduna, Kogi and Zamfara state governments, Nigeria's Supreme Court ordered the CBN not to end the use of old naira notes on February 10. Un a ruling delivered by Justice John Okoro, the court temporarily cancelled the CBN’s  February 10 deadline.

Leaders of the ruling APC have expressed confidence in President Buhari’s democratic disposition, saying he will thus obey the court order. Salihu Lukman, the APC's vice chairman, northwest, said Nigerians are today faced with the most uncertain of times, with national elections a few days away and a deliberate cash squeeze enforced by a deliberate policy of the CBN.

He noted that it was partly on account of the frustration of the APC, that governments of Kogi, Kaduna and Zamfara states took the matter directly to the Supreme Court. According to Mr Lukman, President Buhari will do the right thing and obey the court order.

Mr Lukman said: “With this judgement, it means that even after February 10, the old notes would still serve as legal tender. The big question is, will this end the current naira (scarcity? It may not. If, however, the speculated objective of any so-called cabal is to frustrate the February 25, 2023 elections by either creating conditions that could mobilize electorates to vote against the APC and its candidates, especially Asiwaju Bola Ahmed Tinubu but God willing it shall not succeed.

“In all of this, it needs to be clearly stated that throughout the tenure of President Muhammadu Buhari, nothing tests his credentials as a converted democrat more than the need to demonstrate more listening ears and compassion to the plight of Nigerians. As a converted democrat, which I believe he is, President Buhari needs to demonstrate that by respecting the Supreme Court judgment and direct the CBN to end the current madness that imposes naira scarcity in the country and untold hardship on millions of Nigerians.

“For both APC, as a party and Nigeria as a nation, one of the lessons that the current reality imposes is the need to develop our political parties and make them capable of regulating the conduct of elected functionaries. This is not only the case with APC but also the case with all our parties."