An analyst, Mr. Lanre Oloyed has commended the order of the Supreme Court restraining the Central Bank of Nigeria from enforcing the February 10th deadline for the swapping of old 20, 500 and 1,000 naira notes.
Commenting on the
development on ATN Politics, Mr. Lanre said the judgement of the Supreme Court
has brought reprieve to the hardship faced by Nigerians
He said, “The supreme
court pronouncement is a welcome development and it is a reprieve to Nigerians
given the suffering and hardship they have undergone in the last few weeks.”
He said because the
policy was ill-conceived and allegedly targeted at a political opponent, it was
bound to fail due to hasty planning.
“When policies are
conceived with the motive to witch hunt political opponents, or to settle a
particular course such policy is meant to have a kind of negative bearing on
the mass because the masses where not prepare for this. Nigerians were not well
prepared for this. Also the system with which to effectively implement the
policy were not effectively prepared,” he said.
A
seven-member panel of the apex court led by John Okoro on Wednesday had granted
ex parte application brought by three states: Kaduna, Kogi, and Zamfara. The
three states are praying the court to grant an interim injunction stopping the
Central Bank of Nigeria (CBN) from ending the timeframe within which the old
N200, N500, and N1000 notes will cease to be legal tender. They said since the
announcement of the policy, there has been an acute shortage in the supply of
the new naira notes in their states. Moving the application on Wednesday,
Abdulhakeem Mustapha, counsel to the applicants, prayed the apex court to grant
the application in the interest of justice and the wellbeing of Nigeria. The
matter has been adjourned to February 15, 2023, for hearing of the main suit.
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