Tinubu hails governors over Supreme Court’s naira swap ruling CBN to comply, make new, old naira sufficiently available

Bola Tinubu, the All Progressives Congress (APC) Presidential Candidate, has hailed state governors for standing on the side of Nigerians over the Central Bank of Nigeria’s new naira and cashless policies that have subjected the masses to pains.

The Supreme Court on Wednesday in suit brought before it by the governments of Zamfara, Kogi and Kaduna states gave an interim injunction against the CBN and federal government to allow old N200, N500 and N1000 to remain legal tender beyond the February 10 deadline until the case is fully disposed.

Tinubu said, the governors especially the ones on the APC platform who instituted the suit against the CBN and Federal Government at the Supreme Court acted well on behalf of the hapless Nigerians who have been made to bear the brunt of naira redesign policy that has been poorly implemented.

Read also: Long queues persist at filling stations in Akwa Ibom as cash crunch bites

Bayo Onanuga, director, media and publicity, APC presidential campaign council in a statement, quoted the former Lagos governor as noting that the governors have saved the country from needless political and economic crises and miseries which have clearly become the unintended consequences of the monetary policy of the apex bank.

According to the statement, Tinubu noted that the Supreme Court ruling coincided with the advisory of the International Monetary Fund, urging for the extension of the deadline for the swap of the old naira notes, going by the problems being experienced across the country in getting the new notes.

He said: “I want to salute the courage of our governors and most especially the progressives governors in APC who acted to save our country from avoidable and dangerous political crises and social unrest which the Central Bank policy on new Naira notes has brought on our country.

“Our country was dangerously careering toward anarchy and political and economic shutdown. But with the Supreme Court interim ruling our country has been pulled back from the precipice. We thank our Supreme Court Justices for ruling wisely on the side of the people who have been subjected to undue agony and pains since this policy was announced.

“The Federal Government and relevant stakeholders can now sit down and work out a better framework on how to proceed with the new policy without causing any social and economic disruption and inconvenience to our people. We have examples of other countries that have successfully and seamlessly changed their currencies to learn from.

“Those countries give a long time, at least 12 months to effect the currency change. They do not engage in CBN-like fire brigade approach.

“We have seen how a good policy can be poorly implemented to cause unintended problems for the people who should be the beneficiaries. While lessons have been learnt, we must now move on as a country and people with a renewed hope for a better tomorrow.

“The sole aim of my running to be the president of our country is to make life better and more abundant for our people and this is an ideal for which I will remain eternally committed to.”

Tinubu called on the CBN to ensure that the Supreme Court ruling is effectively executed by taking all necessary steps to; ensure sufficient availability of naira notes (whether old or new) and properly sensitising the public on the ruling and the consequent validity of old naira.

Skip to toolbar