The Federal Government and the Central Bank of Nigeria (CBN) should know that the public deserves an official response to the Supreme Court order, on March 3, that the authorities allow the old N200, N500 and N1000 notes remain legal tender and co-exist with the new notes until December 31.
More than a week after the consequential Supreme Court order, the authorities have failed to demonstrate obedience. The result is widespread public confusion. Reports say the banks are either not providing the old N500 and N1000 notes approved by the apex court, or not supplying enough. There are also reports that people are rejecting the notes for transactions because they are uncertain about their status.
The cash crisis triggered by the naira redesign and cash swap policy has not abated. Many people across the country are facing hardship because of this situation.
The Supreme Court’s order was supposed to bring relief. The authorities were expected to obey the order, and act to make it effective.
The apex court had faulted the government’s failure to obey its interim injunction issued on February 8 ordering that the old notes should remain legal tender until the conclusion of the case instituted by some states to challenge the controversial naira swap policy.
The court noted that rather than comply with the order, President Buhari, on February 16, made a national broadcast during which he directed that only the old N200 notes should remain in circulation.
This was a violation of the separation of powers and the rule of law, the court said, stressing that under the country’s democratic system of government the President or any other person could not vary an order of court.
When the CBN governor, Godwin Emefiele, finally appeared before the House of Representatives ad hoc committee on new naira redesign and naira swap policy, on January 31, after apparently shunning two previous invitations, he had conveniently blamed banks for the scarcity of new naira notes, which was a big issue.
But he failed to see, or acknowledge, that he was part of the problem. The chairman of the committee and House Leader, Alhassan Ado Doguwa, had lectured him on the importance of communication, noting that poor communication by the apex bank had contributed significantly to the crisis.
The authorities should issue a statement showing respect for the Supreme Court order, and clarify the status of the old N200, N500 and N1000 notes based on the apex court’s ruling. That’s the responsible thing to do.
