Governor Douye Diri of Bayelsa State has urged the Federal Government and the Central Bank of Nigeria (CBN) to obey the Supreme Court ruling on the old naira notes.
According to a statement by Daniel Alabrah, his chief press secretary, Diri stated on Monday during an interactive meeting with leaders of various unions, transporters and petroleum marketers in Yenagoa.
He said the development will help to ameliorate the suffering caused by the cash crunch on Nigerians pointing out that by the March 3 ruling of the Supreme Court, the old and new notes should be circulating until December 31 this year.
Diri said with the ruling of the apex court on the matter, Nigerians expected the Federal Government and the CBN to speedily implement and enforce the judgement.
He, however, noted that the lack of direction by the Federal Government and CBN had hampered the implementation of the Naira redesign policy and the ruling of the highest court of the land.
“Clearly, when the Supreme Court has ruled on a matter, it is final. And we expect that the Federal Government and the CBN will implement the ruling of the Supreme Court.
“If this has to do with our own constitutional authority as a state government, we will do it. Constitutionally, states have no power over currency and monetary matters and cannot therefore issue directives on them except if they want to play to the gallery.”
According to him, the naira redesign and currency swap policy is laudable, but stressed that the policy was ill-timed and its implementation had caused untold hardship on the lives and livelihoods of the people.
“I know this situation has inflicted severe hardship on many of us. My thoughts and prayers are with those who have been directly or indirectly affected by the adverse consequences of the implementation of the naira redesign and currency swap policy of the Federal Government.”
Commenting on the protest staged by some persons arising from the currency scarcity at Akenfa in Yenagoa, Diri said they do not understand that currency and monetary policies were strictly on the Exclusive List and that states had no power to enforce policies related to them.
He said the meeting was convened to interact with major stakeholders in the various business sectors with a view to seeking ways to ease the challenges brought about by the naira swap policy.
Diri also noted that his administration was aware that some traders were involved in activities that had created a system that diminished the purchasing power of the old notes.
He said the unwholesome practice was totally unacceptable to the state government and called on the leadership of the various unions and associations to prevail on errant members to desist forthwith.
“By the Supreme Court ruling, both the old and new notes have equal value and should be treated as such. We will not condone any illegal or discriminatory practice that will lead to a breakdown of law and order in the state.”
He promised to meet with managers of commercial banks had caused untold hardship on the lives and livelihoods of the people.
“I know this situation has inflicted severe hardship on many of us. My thoughts and prayers are with those who have been directly or indirectly affected by the adverse consequences of the implementation of the naira redesign and currency swap policy of the Federal Government.”
Commenting on the protest staged by some persons arising from the currency scarcity at Akenfa in Yenagoa, Diri said they do not understand that currency and monetary policies were strictly on the Exclusive List and that states had no power to enforce policies related to them.
He said the meeting was convened to interact with major stakeholders in the various business sectors with a view to seeking ways to ease the challenges brought about by the naira swap policy.
Diri also noted that his administration was aware that some traders were involved in activities that had created a system that diminished the purchasing power of the old notes.
He said the unwholesome practice was totally unacceptable to the state government and called on the leadership of the various unions and associations to prevail on errant members to desist forthwith.
“By the Supreme Court ruling, both the old and new notes have equal value and should be treated as such. We will not condone any illegal or discriminatory practice that will lead to a breakdown of law and order in the state.”
He promised to meet with managers of commercial banks in the state as well as relevant officials at the federal level and offer advice on ways to mitigate the sufferings of the people.
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