Naira Redesign, Currency swap poorly conceived, managed

The order given by the Supreme Court of Nigeria on the Naira Redesign and Currency Swap of the Central Bank of Nigeria is an interim one which will be re-examined by the 15th of February.

Legal Practitioner, Jide Ologun, made the disclosure while discussing the issues surrounding the implementation of the Currency Swap and Naira redesign and the Court Ruling by the Supreme Court of Nigeria.

He said the preliminary objection raised by the Attorney General of the Federation asking for the dismissal of the case based on jurisdiction will not stick because the states were clever enough to approach the Court based on the Policy as it affect Nigerians but not from the perspective of the Central Bank of Nigeria.

He added that the Supreme Court is the Court of First jurisdiction between the Federal Government and States.

Mr Ologun said the States have based their arguments in the suit on a Policy that is called precarious responsibility of the Policy on the Federation which has made it easy for the Supreme Court to rule on the matter.

He disclosed that on matters of monetary policy of a government agency, the Federal High Court would be the Court of First Instance or Jurisdiction.

The Attorney General said the order has temporarily helped in preventing chaos across the country.

Mr Ologun said the failure of the Policy started from the off and did not start midway or during the currency swap phase of the redesign.

He listed countries with similar experiences like India which withdrew the 500 and 1000 Rupees denomination from circulation with the stated objectives of going after racketeers and Black market operators failed woefully due to the huge numbers of Indians who have no access to Banking Services.

He added the example of the United kingdom with the new currency in circulation carrying the portrait of the new King, Charles III, following the death of Queen Elizabeth III, which has been slated for phasing out in 2024 as against the hasty movement in Nigeria.

According to Mr Ologun, the Policy in Nigeria has been poorly managed from all perspectives and is now adding a massive dose of discomfort for the average Nigerian who are currently going through the harsh reality of a massive increase in Petroleum products.

He described the Policy as a failure even from the Public Relations perspective.

He said the current situation is a public Policy embarrassment that should be quickly addressed before it becomes something else.

He asked what can the government do if the populace turns against it due to the scarcity of cash to get their daily basic activities done especially a policy that affects almost all Nigerians.

He pointed out the danger inherent in the current situation will be more dangerous and difficult to stop if it degenerates like the protests against Police brutality in 2020.

He described as at times unbelievable the level of disconnect between the government and the people in the implementation of the Policy.

CURRENCY REDESIGN, SWAP GOOD POLICY BUT TIMING CREATING HARDSHIP – YAKASAI

The timing of the Currency Redesign has been described as the major challenge for the Policy as it comes towards a very consequential General Elections.

Abdullahi Tanko Yakasai, the National Coordinator, Northern Young Professionals For Tinubu, disclosed this while speaking on the TVC News Breakfast Show on Friday Morning.

Mr Yakasai said the Fuel and New Naira notes scarcity has created unnecessary hardship for a lot of Nigerians especially with an election on the horizon.

He said the changing or redesign of a currency is not a new thing but the timing is a major issue that needs to be addressed so as not to create a rancour free election.

He added that the Federal Government must as a matter of urgency allow the Old Naira Notes to circulate side by side with the New notes describing this as the international best practices obtained in other parts of the world.

He added that the Old notes will eventually be phased out of distribution after sometime as is practiced in other parts of the world.

He said the effects of the Scarcity has affected every Nigerian one way or the Other and must be addressed as a matter of urgent National Importance.

He said the suffering of people is especially pronounced at the rural level where most transactions are done using cash.

He commended the Supreme Court for the decision to rule for a temporary extension of 5 days.

On the issue of Fuel Scarcity in the country, Mr Yakasai said the scarcity will impede the ability of Nigerians to move to places where they are registered to vote across the Country.

He described the current situation of Fuel Scarcity as an infringement on the rights of Nigerians to be able to move round the Country and perform their civic duties.

He urged the Nigerian National Petroleum Corporation Limited to be proactive in addressing the issues surrounding fuel supply across the country with many Marketers failing to dispense fuel despite having been supplied Petroleum products.

On whether President Muhammadu Buhari is fully on board with the Presidential Candidate of the All Progressives Congress, Asiwaju Bola Ahmed Tinubu, he disclosed that the President is fully on board with the party but also added that the cabal that was pointed at by the Kaduna State Governor Nasir El Rufai is there hiding under the good intention of the President to improve the lot of the country.

He said this set of people are trying to sabotage the system.

Going further, he disclosed that the fact the Central Bank of Nigeria’s governor, Mr Godwin Emefiele had contested for the position of Presidential candidate of the All Progressives Congress has made his position untenable.

He added that whatever intentions he may have will be seen from the prism of partisanship and trying to sabotage the party.

He said the Cabal according to him are working to sabotage the system and the actions of the Governor of the Central Ban of Nigeria does not inspire confidence.

He dismissed the assurances of the governor of the Central Bank of Nigeria as of no consequence.

He expressed his optimism that the Supreme Court of Nigeria will extend the deadline further from the temporary 5 day extension granted to Nigerians to continue to spend the old Naira Notes.

He disclosed that the allegations against the CBN Governor Mr Godwin Emefiele is too much for him to continue to cause hardship for Nigerians with impunity in partnership with fifth columnists.

According to Mr Yakasai, the 4 Month window given by the Central Bank of Nigeria for the currency swap is grossly inadequate.

He backed the statement credited to the Chairman of the Independent National Electoral Commission, Professor Mahmoud Yakubu, as to the ability of the Election Management to conduct a free and fair Election.

He however said his feelings is that the enemies of Nigeria trying to create chaos will be defeated in the end.

He said the Central Bank should take action to prevent further chaos and advocated for the extension of the deadline especially if their is not ulterior motive behind the Policy.

He described the members of the cabal as non members of the All Progressives Congress who are bent on preventing the Party’s candidate, Asiwaju Bola Ahmed Tinubu’s emergence as President.