Naira Redesign: Gbajabiamila faults FG’s decision to disregard Supreme Court’s order

Speaker of the House of Representatives Femi Gbajabiamila has faulted the decision of the federal government to disregard the Supreme Court’s order regarding the currency redesigned policy.

The Apex court had last week given an order for the old 1,000, 500 and 200 Naira notes to remain legal tender pending the determination of a case brought before it by some state governors. The apex court had on Wednesday reiterated its order and adjourned the matter to February 22.

While the federal government remained silent on the Supreme Court order but in his Nationwide broadcast on Thursday, President Muhammadu Buhari said he had instructed the Central Bank of Nigeria to reintroduce the old 200 naira notes until 10th April while the old 500 and 1000 naira notes are no longer legal tenders.

In his reaction, Gbajabiamila said though the president’s directive was a step in the right direction, the federal government could not afford situations that suggest a wanton disregard for the rule of law.

A federal High Court sitting in Akure, the Ondo state capital has resolved to wait on the Supreme Court as it adjourned a hearing and a suit brought against the Central Bank of Nigeria by a group the social Rehabilitation Grace and supportive initiative

The group is challenging the CBN over the voiding of old 200, 500 and 1 000 naira notes within a period considered too short when the matter was mentioned.

The trial judge, honorable Justice Tibia Adegoke said it wasn’t proper for our courts to commence trial as the suit is similar to the one pending before the Supreme Court which is the highest court of the land.

Mentioning the case, Council to the SRG, Owolabi said the group had brought emotional notice to amend its originating summons and also a second motion of notice for interlocutory injunction.

The council to the CBN Aderemi Adekile countered that the motion is to amend since the group motion was served at the wrong time in our ruling Justice Adegoke emphasised that the supreme court judgment must be waited for.