• Friday, March 29, 2024
businessday logo

BusinessDay

Naira redesign: Wike describes Buhari’s action as ‘corporate interference’

Insecurity: Wike tells FCT police to reinforce Gwagwalada division

Nyesom Wike, governor of Rivers State has described the action of President Muhammadu Buhari as “corporate interference” to uphold the Central Bank of Nigeria’s (CBN) ban of the old N500 and N1,000 notes.

In a media chat held on Thursday, Wike faulted the president for taking action over an issue he felt was already before the Supreme Court awaiting judgment. He felt the president should have maintained the status quo over the matter.
The president stated in his early morning broadcast that the old N200 note will coexist with the new N200 note for a maximum of 60 days.

“With the Supreme Court having given an interim order, we should have waited for it. As far as I am concerned, it is corporate interference, which is not good for our system or for our democracy,” the governor said.

Read also: Buhari’s naira redesign policy ill-timed  Northern elders

Though he appreciated the intended benefits of the policy, he condemned the timing and implementation of it, saying that it had resulted in unintended hardship for most Nigerians.

With the case filed at the Supreme Court by Zamfara, Kogi, and Kaduna States over the naira policy getting more attention, Wike had thought the president would not interfere.
The highest court of the land has made a pronouncement. The Supreme Court has said not to do anything that will affect the use of the old naira note.

“I feel that is not the proper thing, and I am not happy,” he said about the president’s declaration.
“This also tells us how we do not respect or obey the rule of law. At this level, the advisers to Mr. President would have said, ‘This issue is subject to litigation, and any step you take will one way or another affect the Supreme Court’s stance.'”

The president’s broadcast comes after the CBN extended the deadline for swapping the old notes of N200, N500, and N1,000 from January 31 to February 10.

Buhari advised Nigerians to take their old notes of N500 and N1,000 to the CBN or its designated centers.