Abuja, March 3, 2023 – Femi Gbajabiamila, the Speaker of House of Representatives, has commended the decision of the Supreme Court on the circulation of old notes.
The Supreme Court, on Friday, reversed the order of the Federal Government restricting the old notes of N1000, N500 and N200 from circulating since Feb. 10.
The court, in a judgment in a suit brought by some state governors on the naira redesign policy, ordered that the old notes should be allowed to circulate along with the new notes until Dec. 31, 2023.
In a statement issued by him in Abuja on Friday, Gbajabiamila said the implementation of cash swap policy was remarkably haphazard and fell short of international standards.
He said the House would review the actions and inactions, the failures of law and procedure that set the conditions for this profound failure of public policy.
“It has always been the position of the House of Representatives that despite the noble intentions behind the currency swap policy, the design and implementation of the policy has been fatally flawed and contradictory to the ends of law and public policy
“The decision of the Supreme Court suspending the currency swap policy introduced by the Central Bank of Nigeria (CBN) and extending the implementation deadline to 31st December 2023 validates the position of the House in its entirety.
“The remarkably haphazard implementation of the currency swap policy fell way short of international standards. It deviated from the prior practice of the Central Bank of Nigeria (CBN) without providing any benefits to the Nigerian people or the economy of Nigeria, both of which have suffered significant harm as a result.
“The Central Bank of Nigeria must respect the apex court’s judgment and act quickly to give it full effect. This is necessary to reverse some of the damage done to our economy and prevent the continued suffering of the Nigerian people.
“I congratulate and sincerely appreciate my brothers, the progressive governors of Kaduna, Kogi and Zamfara states, for approaching the Supreme Court to give a final settlement on this matter.
“This was the right thing to do. It showed their collective adherence to the rule of law and their determination to take bold actions that serve the best interests of the Nigerian people.
“While we anticipate action by the Central Bank, there is still a need to examine and understand how this policy intervention turned out in the way it did,” the speaker said. (GBN)
