Socio-Economic Rights And Accountability Project (SERAP) has demanded that President Muhammadu Buhari immediately obeys the Supreme Court judgment extending the validity of old N1,000, N500, and N200 notes till 31 December, 2023.

Development Diaries reports that there is no evidence that the Central Bank of Nigeria (CBN) has instructed deposit money banks to accept and dispense the old naira notes more than one week after the ruling of the apex court.

Meanwhile, Nigerians are still struggling to get cash and businesses have continued to count their losses daily as a result of the cash crunch.

Recent data from the Centre for the Promotion of Private Enterprise (CPPE) shows that the Nigerian economy has lost N20 trillion as 70 percent of cash has been tucked away from the economy.

The CPPE also reported that the protracted acute cash scarcity has not only crippled economic activities but has become a major risk to the livelihoods of most Nigerians.

Although some commercial banks had begun disbursing the old notes, many Nigerians and businesses are still wary of transacting with the notes due to the silence of President Buhari on the ruling.

As Nigerians continue to groan under the hardship caused by the CBN naira redesign policy, the CBN Governor, Godwin Emefiele, and Buhari, who approved the policy, have refused to obey the Supreme Court’s ruling.

Development Diaries had reported that the silence of the president on the final ruling of the Supreme Court clearly shows a violation of section 287 of the 1999 Constitution, as amended.

The section provides that the decisions of the Supreme Court shall be enforced in any part of the federation by all authorities and persons.

We, therefore, join SERAP in demanding that president Buhari immediately adheres to the ruling of the Supreme Court by ordering the CBN governor to act accordingly.

Photo source: Muhammadu Buhari