Outrage as Buhari orders CBN to reintroduce old N200 note, insists N500, 1000 no more legal tender

 

 

OBIORA IFOH, Abuja

Outrage and criticism trailed President Muhammadu Buhari’s nationwide broadcast, on Thursday directing the Central Bank of Nigeria, CBN to put back into circulation the old N200 currency earlier withdrawn.

According to the president, the order was to help ameliorate the sufferings being experienced by many Nigerians due to the scarcity of fund.

The president however, insisted that the old N500 and N1000 bills will no longer be a legal tender and can only be redeemable in the CBN despite a recent order of the Supreme Court to the contrary.
The main opposition Peoples Democratic Party, PDP accused the ruling All Progressives Congress controlled Federal Government of hiding hiding under cash crunch to sponsor nationwide civil unrest.
Also taking a swipe at the President, human rights lawyer and a Senior Advocate of Nigeria, SAN, Ebun-Olu Adegboruwa,
described the broadcast
broadcast as contempt of court and executive rascality.

The PDP on Thursday accused the APC of hiding under cash crunch to sponsor nationwide civil unrest  to derail the electioneering process in the country.

Spokesman of the PDP Presidential Campaign Council, Mr Charles Aniagwu stated this at a news conference in Asaba.
Aniagwu who was in company with the Chief Press Secretary to the Governor, Mr Olisa Ifeajika said that the party was in support of President Muhammadu Buhari’s directive to recirculate the old N200 notes till April 10 to ease the suffering of the masses.
“We must agree with the President that we appreciate the things that Nigerians are going through on account of the scarcity of the new Naira note redesign.
“We believe that it is important that the CBN takes steps to further ameliorate what the masses are going through. And what the President did today, is a pointer that government is desirous of solving the challenges being experienced by very credible Nigerians as they approach the banks for their monies.

“The decision of the President that authorises the release of the old N200 naira notes into the economy in order to reduce the sufferings of people, is a welcome development.
“We also agree that it is important to take steps to curb corruption, issues of vote buying and that of insecurity, which has been a major problem. So this policy to a large extent, have addressed that.
“We do hope that the sufferings Nigerians are going through will be mitigated by this directive that Mr. President has given the CBN to release the old N200 naira notes up till the 10th of April,” he said.
He appealed for calm and patience to allow the CBN implement the President’s directive, noting that it would to a large extent ameliorate their suffering.
“We want to plead to our people to exercise patient with the government because we have it as intelligence that members of the APC both in the state and at the national level, are trying to take advantage of the pains in the minds of Nigerians to trigger some form of crisis with a view to derailing this election.
“What you saw happening in a number of places does not show the real pains in the minds of Nigerians who have demonstrated understanding with the government’s policy.
“You have seen what happened in Warri and Udu areas of Delta. Some are burning billboards and shops. The question is, do we keep the redesigned naira notes on bill boards or in those local shops?
“So it not proper for us to inflict pains on our fellow Nigerians. Therefore, it tells you that this protest is coming from somewhere with a view to creating crisis.
“Secondly, our brothers and sisters work in these bank branches and earn monies from the banks. So even if you burn down this banks, you are also causing pains for this our brothers who are going to lose their jobs on the account that the bank branch where they work is destroyed or closed.
“So we are pleading to Deltans and other Nigerians to please not to fall prey to the antics of those who know that they would lose this election and want to cause  mayhem so that they undermine the election.
“We appreciate the pains and hope that the CBN would take immediate steps as directed by the president in order to reduce the suffering of our people at the ATMs.
Aniagwu who doubles as Commissioner for Information in Delta said “Those who might have stock piled money would have done so in the N500 and N1000 naira denominations, adding “we can assure you that the steps they are taking to trigger violence is not because they are fighting for us.
“But because they want to do those things to undermine the peace that we have in Delta and across the federation.
“Since this policy came in, we have it from intelligence agencies that the spate of kidnapping has stopped because if you kidnap anybody and asked the person to get huge sums of money for ransom, where is the person going to get it from?
“It is also on record that it does appear that the naira is stabilising; for those of who have transactions with the dollar. So what needs to be done is to fine tune the policy and not to kill it.
“What the APC is trying to do is to kill the policy so they can afford to bring back these stashed funds that they want to deploy to undermine this election,” Aniagwu stated.
He commended President Buhari for reiterating his commitment to leaving a legacy of free, fair and credible elections.
As the spokesman for the PDP Presidential Campaign Council, we want to commend the President and pray that the votes of Nigerians will count.
“Those who refused to engage in town halls and debates are now looking up to their monies but with this policy, their monies are already failing them; hence, they are seeking for ways to undermine the policy.
“So we plead with all Nigerians, particularly Deltans for a little more patience in order to enjoy the good things that would come out of this policy of naira redesign.
“We therefore expect and urge the CBN to immediately comply with the directives of Mr. President in order to reduce the sufferings of our people,”
Aniagwu further said “APC leaders did not go to court, or held meetings with Mr. President on account of the fuel scarcity and insecurity in the country but rushed to the courts now because this one is touching them and they will not be able to mortgage the conscience of Nigerians.
“Do not let any politician to use you to demonstrate, while making you feel that they are fighting for you. So please do not go about destroying banks.
“The APC presidential candidate has shown a very undemocratic credentials by not allowing any other party put up billboards in Lagos state.
“We all live in Delta and we see the bill boards of all the other political parties. We allow them to campaign where ever they wish. But it is not so in Lagos. We can not allow Tinubu to make us a one party state,” Aniagwu added.
On his part, Mr Ifeajika urged the judiciary to live up to expectations, adding that some judgements emanating from certain courts were disappointing.

According to him, we need to call on the judiciary to live up to its billings. What the judiciary has been churning out as judgements lately is worrisome. The judicial officers should also remember that they are also Nigerians.
“It will interest you to know that the governors that are challenging this policy in court are all APC governors and that tells us what they are afraid of.
“The judicial officers should be careful not to allow these governors use them to achieve a very bad aim. It may interest you to know that two PDP governors, Edo and Bayelsa have joined in the suit on the side of the Federal government,” he stated.

Broadcast is contempt of court, executive rascality, says Adegboruwa

Reacting the senior lawyer said: “The President cannot overrule the Supreme Court of Nigeria. There is separation of powers in a democracy.

“Under section 235 of the 1999 Constitution, the Supreme Court is the final authority in legal pronouncements in Nigeria.

“Under Section 287(1) of the Constitution, the President is statutorily obliged to obey, enforce and give effect to the decision of the Supreme Court.
“Section 287(1) of the 1999 Constitution:
“(1) The decisions of the Supreme court shall be enforced in any part of the Federation by all authorities and persons, and by courts with subordinate jurisdiction to that of the supreme Court.

“The broadcast of the president is sad for our democracy. Since he already admitted that the matter is subjudice, the President should not have proceeded to vary the order of the Supreme Court.

“The president and indeed the executive should not give the impression that citizens can brazenly disregard lawful orders of any court, as that will only encourage anarchy and lawlessness.

“It amounts to executive rascality and brazen disregard and contempt of the Supreme Court, for the President to separate the denomination of the old notes for legality. It is not open to the President to choose which portion of the order of the Supreme Court that will be obeyed.

“The President should reverse his directive and add the N500 and N1000 old notes, failing which the Supreme Court should overrule the directive of the President in on February 22 when the case comes up.

Take responsibility for the failings of own policy, Atiku blasts FG

Similarly, the Presidential candidate of the PDP, Atiku Abubakar said: “We have, in recent days, witnessed upheavals in different parts of the country in which lives were lost and properties destroyed.

“On behalf of my family and presidential campaign organisation, I express my deepest condolences to the families of all those who have lost dear ones.

“This crisis may be coming on the heels of the currency swap, but it is pertinent to remind us that it is a culmination of the frustrations of Nigerians arising from the maladministration of the ruling All Progressives Congress in the past 7 years plus.

“It is easy for political expediency for the APC that has brought us to this cul de sac to want to hoodwink Nigerians into believing that the crisis was created by others.

“Truth be told, the crisis that we are witnessing today was conceived, given birth to and nurtured by the ruling APC.
“Indeed, it was long in coming. We are all witnesses to the myriad of problems that Nigerians have had to endure as a result of the cluelessness of the APC, which came into government with no idea of a policy direction.
“We are witnesses to the massive erosion of jobs; hunger and multidimensional poverty; unabated fuel scarcity; deteriorating security that has created an industry of kidnapping and massacre of defenceless citizens; free fall of the Naira; ASUU strike which kept students at home for prolonged periods of time and a general sense of hopelessness.

“The current crisis, fallout of the policy of the ruling party’s redesign of the Naira, is only the tipping point. The least the ruling APC can do is to take responsibility for its own policy and the challenges that have followed its implementation, even as we collectively work at addressing those challenges.
“My dear brothers and sisters, I understand your frustrations, but I urge you to be calm. Do not let your frustrations manifest into violence. Rather, you should channel that energy into voting out the ruling APC in the elections of 25 February and 11 March. That’s the only way to safeguard our collective efforts to Recover and Rebuild Nigeria.
“Be rest assured that a New Day beckons, and together as ONE, we shall enthrone the Nigeria of our dreams.

Emefiele in Aso Rock vows CBN ‘ll flood commercial banks with old N200 notes

The Central Bank of Nigeria (CBN) Governor Godwin Emefiele has promised to make available enough N200 notes available to the public to resolve the current cash crunch triggered by the Naira Swap Policy of the Federal Government.
Emefiele on Thursday met behind closed doors with President Muhammadu Buhari at Presidential Villa, Abuja.
Speaking to State House Correspondents after the meeting for the first time since the new policy became operational, Emefiele revealed that his engagement with the President centered on the Naira redesign, the scarcity of the currencies thereafter and how best to ensure that things normalize quickly.
The CBN Governor who granted press interview for the first time since the new policy became operational revealed that the meeting centered on the Naira redesign and of the scarcity of the currencies.
He also disclosed that the apex bank will flood the commercial banks with the old Naira notes as approved by President Buhari in his dawn nationwide broadcast on Thursday, adding that he held a crisis management meeting with no fewer than 15 deposit banks Chief Executives earlier on Thursday in Abuja on the new strategies to resolve the scarcity of the Naira notes.
Said he: “Mr. President has given directives in a nationwide broadcast, so CBN is favourably disposed to carry out the directives to the latter. We are going to release the old Naira notes back in circulation to ease the pressure.
“I have met with 15 commercial banks in Abuja on ways to ameliorate the sufferings of Nigerians due to the new Policy but it’s for the benefit of the country. I plead with Nigerians to give the policy the chance to succeed.
“We have put safeguards to ensure that the banks work with us to make both the redesigned Naira notes and old notes available to customers”.

Mixed reactions trail Buhari’s approval for use of old N200 notes in Kano

SOME residents of Kano metropolis on Thursday differed in their reactions to President Muhammadu Buhari’s approval for the continued use of the old N200 note as legal tender.
Some residents in separate interviews with the News Agency of Nigeria (NAN) applauded the Federal Government for extending the use of the old N200 notes by 60 days as legal tender, while others said that the number of days for the extension was still inadequate.
The respondents, however, were all in agreement as they called on the Central Bank of Nigeria (CBN) to make provide the new redesigned N1000, N500 and N200 notes in circulation.
A petty trader, Malam Bala Shehu, said that the extension of time for the continued use of the old N200 was a welcome development.
Shehu added that the February 10 deadline in which the naira denomination ceased to be legal tenders and scarcity of the new notes had affected his business.
He said that with the President’s approval for the continued use of the old N200 notes many small businesses would survive for the meantime.
Also, Malam Garba Gezawa, a commercial tricycle operator, commended the decision of the FG, adding that the scarcity of lower denomination was what made most of their members to suspend their operations.
According to him, the N200 notes is the most sought denomination by students, market women and petty traders.
He called on the federal government to also extend the dateline for the old N500 and N1000 notes.
Speaking in the same vein, Alhaji Mamman Suraj, a civil servant, tasked the CBN to make the new naira notes available and to immediately put back in circulation the old N200 notes to ease the current suffering of Nigerians.
Malam Ali Bakari, an economist, advised the CBN to make the re-designed naira notes available by printing more or if printing would be difficult, the apex bank should allow the continued use of the old notes until April 10.
Mrs Agnes George, a hairdresser, however, urged residents to take advantage of President Buhari’s pronouncement by depositing the all old N1000 and N500 notes at the CBN and other designated points.
George, who lauded the President for allowing the continued use of the old N200 notes as legal tender for another 60 days, also appealed for the extension of such gesture to other old notes.
She explained that the deadline extension would reduce the queues at the ATM, reduce panic and uncertainty among small business owners and other residents.

Cash policy to fight inecurity, corruption, President insists

Meanwhile, President Muhammadu Buhari has insisted that the cashless policy and Naira swap by the Central Bank have short and long term benefits for the country in dealing with insecurity and corruption, but agrees that the apex bank should take the recommendation of a parliamentary Committee to rectify identified problems.

His comments came as the Central Bank Governor, Godwin Emefiele, gave him an assurance that N200 currency notes taken out of circulation will be moved back from today.

The President who spoke at the State House when he received briefing from members of the House of Representatives Ad-hoc Committee on cashless policy and Naira swap said his speech earlier in the day was comprehensive enough and was adequate as a response to the general outcry about the problems associated with the currency exchange.

He described the aim of the policy as “very good, security-wise” as seen from the lessening of kidnappings and associated corrupt practices.  He again accused banks of being a problem.

The CBN Governor, as directed by the President, explained that the cashless policy was a global policy. “Nigeria must go cashless. It is a global policy, checking insecurity and fighting corruption,” he said.

He added that senior officers at the CBN had all been sent out, complimented by “Super agents,” to take new currencies to unbanked rural populations, expressing optimism that the problems he described as “temporary, passing” will go away in no distant future.

He reported that he had met 15 top banks earlier in the day in an effort to resolve prevailing problems and will do so again later in the evening, assuring that “we are at the end of the problem.”

He also gave the promise that by the end of February, CBN will bring into circulation between N700-N800 billion, well in excess of what is needed to run the economy, stating emphatically that it is not possible to put back more than Three trillion Naira if the economy is to be healthy.

Mr Emefiele gave a firm promise that the Bank will not be a problem with elections, and they will hold successfully as far as the Bank is concerned.

The leader of the Parliamentary delegation, Alhassan Ado Doguwa, the House Majority Leader and Chairman of the Ad-Hoc Committee, said the meeting with the President was necessitated by the need to bring him up to date on the “problems of implementation and unintended consequences” of the new cash policy.

In acknowledging the far-reaching quality of the President’s broadcast to the nation earlier today, the House Leader said the Legislature and the Government were on the same page in so far as the goals of the policy were concerned.  He added, however, that more needed to be done to remove the “hardship and inconveniences” that have attended its implementation.