Naira redesign, fantastic policy misapplied-Osifowora

For over two weeks, Nigerians have felt the strain of getting naira notes from the banks with some standing for long hours. This has caused violence, tension with some exorbitant amount to get from the point of sale operators, POS.

Although the Central Bank of Nigeria gave February the 10th as the deadline for collecting old naira notes.

The Supreme Court has given an order restraining them from enforcing this deadline but despite this order, Banks, fuel stations and many supermarkets have stopped collecting old notes.

In addition, Lagos Judiciary has also stopped collecting old naira notes as payment for filing of Court processes saying this decision follows the directive from the governor of the Central Bank of Nigeria which has also
said that there is no going back on the February the 10th deadline.

Speaking on the issue on TVCBreakfast, Lawyer and Social Development Advocate Olutubosun Osifowora said it’s unfortunate that the CBN and particularly the CBN Governor is trying to play god in this matter.

Mr Osifowora said what the CBN has said concerning not going back on its earlier decision does not make sense.

According to him, 1999 Constitution section 2 32 1 talks about the jurisdiction of the Supreme Court, the Supreme Court has original jurisdiction on matters that relates to State and State or state and the federal government exclusively to the Supreme Court.

It also talks about the appellate jurisdiction of the Supreme Court which is exclusive, from the court of appeal all appeals go to the Supreme Court so these are exclusive to the Supreme Court.

He noted that the crux of the matter is purely the naira redesign and everything that is happening as we’ve seen now.

Mr Osifowora added that the CBN is under the federal government and it is not the first time a matter like this is occurring.

“This is law and you know the import of Law and obeying the law if you turn your back to the law you have, you are facing chaos you are inviting anarchy.

“The law is dynamic, it’s until certain things are brought to the fore that you actually understand the standing and the footing of this particular matter.

“Whether CBN was joined or not the issue affects CBN, it’s just a matter of time. CBN is also an interested party.

“The CBN is under the federal government and the federal government has been sued on matters that relates to policies that have just been implemented.

“This is not good for policy, it is not good for the law and this is not good for the people who occupying the position at CBN because if they had come out to say that they will wait on the Supreme Court but they haven’t said anything beyond that. Everybody will hang on and wait for the Supreme Court.

Mr Osifowora added that Laws are made for human beings not human beings for law but culturally and historically, Nigeria is cash
driven Society and when the culture of a people is to be change, it has to be done gradually for people to ease into it.

“There is no reasoning, no experimenting, the policy is fantastic but implementation is wrong.

“It took about 12 months for Britain to move from paper to the polymer in a cashless society but we want to phase out old naira notes in seconds in a cash driven society.

” A lot of people didn’t see the newly designed naira until this year. We also operate a system where a lot of things run on cash. This is in addition to bank networks that have become very bad.

“Banks are now being burnt, people can’t afford to eat and the crisis has become unbearable.

“This policy is looking like an evil policy, people are burning down Banks, Banks are shutting down, people are lamenting, old people can’t get drugs.

” Nigerians are being made for this cashless policy that the CBN is driving and the earlier they sit down and review it while we all wait for the Supreme Court but the earlier they sit down and review it the better.

“We are at a point where people are tired and frustrated.

“The elections are upon us, INEC is already complaining based on this policy, institutions and individuals are complaining and one man is still standing and saying that he has spoken” Mr Osifowora said.