President Buhari has just announced the extension of the usage of the 200 Naira notes alongside the new notes for another 60 days from February 10th.
This means that the 500 and 1000 old notes remain illegal tender according to and in support of the CBN directive.
The people of Nigeria had expected the president to have been more empathetic and circumspect with his political intervention in view of the current legal implications.
Recall that on February 8, 2023, the Supreme Court ordered the CBN to discontinue the implementation of the new policy pending the determination of the suit before it. The CBN has flouted that ruling with impunity.
Yesterday, the Apex court extended its injunction that all the old Naira notes remain legal tender until the case before it is disposed of. With the president’s pronouncement, this morning by approving the 200 Naira notes as legal tender and not the 500 and 1000 Naira notes, the President has further empowered the CBN to disobey the ruling of the Supreme Court.
Secondly, the president, as an executive branch of government, has failed to draw the line on the separation of powers and also disregarded the provisions of the constitution that all the rulings of the courts up to the Supreme Court must be obeyed by all Nigerians and institutions and governments in Nigeria. President Buhari has further added not only to the confusion in the society by this parallel directive to that of the Supreme Court but also to the sufferings of the people.
The President cannot acknowledge the substantive suit before the Supreme Court, and instead of directing the CBN and the banks to obey the Apex Court ruling, but went further to make useless and nonsense the position of the Supreme Court. The president and his advisers by this act are working against its avowed stance for a free and fair election and respect for the rule of law.
You cannot introduce a policy targeting an insignificant number of the society to the detriment of the larger population as currently being experienced. The policy implementation has failed, and the President should have owned up and hid under the window provided by the Supreme Court intervention to redeem itself.
Now, with his announcement this morning, there is going to be a fight between the judiciary and the executive branch of governments. What then happens if the Supreme Court decides to prosecute both the AGF and CBN Governor for contempt? What if the Supreme Court rules further that the old Naira notes remain legal tender and order that the government first obey its ruling before it can entertain any position of government at the court? Anyone who seeks equity must come with clean hands. So far, so good the Presidency and the CBN Governor have both their hands, not only dirty but very burnt.
It is the masses that will continue to suffer. Even with the reintroduction of the 200 Naira notes, it still does not solve the problem of the limit and rationing of the amount anyone can take from the bank. As a Nigerian, both the Presidency and the CBN Governor are acting a script with sinister motives, which is ominous to the fledgling democracy we are currently enjoying. President Buhari did not mean well for Nigeria. Does he want to destroy the institution that brought him to power now that his tenure is over?!
