Naira Scarcity: Buhari, Emefiele in Queue of Silence

Since the Supreme Court of Nigeria ruled that the old N1,000, N500 and N200 banknotes should remain legal tender, there is no evidence that the Central Bank of Nigeria (CBN) has instructed deposit money banks to accept and dispense the old naira notes.

Development Diaries reports that Nigerians are still struggling to get cash despite the apex court’s ruling, even as the CBN and President Muhammadu Buhari remain silent on the matter.

The Supreme Court had on 03 March ruled that the old notes should remain legal tender until 31 December, 2023, nullifying the federal government’s naira redesign policy.

‘The rule of law upon which our democratic governance is founded becomes illusory if the president of the country or any authority or person refuses to obey the orders of courts’, Justice Emmanuel Agim of the Supreme Court proclaimed in the ruling.

Kaduna, Kogi, and Zamfara filed the case against the federal government, seeking an order invalidating the CBN’s recent redesign of banknotes.

In fact, the apex bank ruled that the CBN’s directive on cash withdrawal limit is an infringement of people’s rights.

Now, the purchasing ability of many Nigerians has been severely impacted by the poor implementation of this policy and the situation is getting worse as some have to beg for cash from family, friends, and even strangers to meet basic needs every day.

Many have expressed frustration and anger as they spend hours in long queues without being able to withdraw cash via Automated Teller Machines (ATMs). And while frustrated citizens are in queues at various banks, without an end in sight, the CBN Governor, Godwin Emefiele, and President Buhari remain in a queue of silence – what appears to be in contempt of the Supreme Court.

Based on their oaths of office, the president and the CBN governor swore to discharge their duties to the best of their ability and in accordance with Nigeria’s constitution, as amended.

They also swore to always discharge their duties in the interest of the sovereignty, integrity, solidarity, well-being and prosperity of the country while vowing to respect the country’s constitution.

However, Emefiele and President Buhari, who approved the CBN’s naira redesign policy, have been responsible for inflicting pain on Nigerians and hurting the country’s economy by refusing to obey the ruling of the Supreme Court and, by implication, disrespecting the laws of the land.

Development Diaries believes that Emefiele has broken the law and calls for his arrest and prosecution. As for President Buhari, he still has a chance to act according to Section 287 of the 1999 Constitution before it is too late.

Photo source: The Guardian

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