- Accuses banks and banks officials of sabotage
President Muhammadu Buhari spoke this morning, directing the Central Bank of Nigeria (CBN) to reintroduce the old N200 notes into circulation. The old note according to the President, is to circulate alongside the new N200, N500 and N1000 notes.
Buhari who empathized with Nigerians for the excruciating pains they have been going through since the implementation of the new monetary policy started urged them to continue to bear with the government as the idea is to further have a firmer control of the monetary policy, strengthen the Naira, improve the economy and stop vote buying.
He said he has directed the Central Bank of Nigeria to work with security agencies to go after all saboteurs of the new policy and anyone caught should be made to face the full brunt of the law.
President Buhari said the new monetary policy is in good faith and meant to help sanitize the nation’s economy.
He said the decision to reintroduce only the N200 old note was taken after due consultation with all stakeholders, especially the National Council of State, and after taking into consideration the fact that the matter is already before the court.
But some lawyers are already carpeting the position of the president, arguing that a very bad precedence is being created by the President regarding perception to obedience to court’s processes and cour orders.
Monday Ubani, Chairman Section SPIDAL, former Chairman of the NBA said the president ought to have waited to see how the Supreme Court would have resolved the matter brought before it by the state governors.
“What the President just did, was to tell us that he was not bothered that some people have decided to take our implementation to the court, and notwithstanding their differences, we are still going ahead with our implementation irrespective of the position and processes of the law”.
He said with his intervention which ran contrary to the pronouncement of the Supreme Court, which had directed yesterday that all old currencies remain legal tender, the President has said only N200 is allowed in circulation while all others remain illegal as earlier directed by the CBN Governor Godwin Emefiele.
He said even the argument by the President that the policy is to stop vote buying has fallen flat on its face because the poor has been made more vulnerable by the bad implementation of the monetary policy and currency swap and may just be willing and ready to collect anything from anyone offering them money in exchange for their votes.
He said the poor has been made vulnerable and are more susceptible to receive any inducement from any politician.
He said he was disappointed that the President took that route.