CBN must not succumb to ‘selfish’ politicians, say lawyers on deadline for old naira notes

A coalition of public interest lawyers says the Central Bank of Nigeria (CBN) must not succumb to “selfish” politicians who are worried about losing elections.

The coalition spoke while reacting to a verdict of a high court in the federal capital territory (FCT).

In a suit marked FCT/HC/CV/2234/2023, the court temporarily restrained the CBN from extending the deadline on the use of old naira notes.

The plaintiffs in the suit are Action Alliance (AA), Action Peoples Party (APP), Allied Peoples Movement (APM), and National Rescue Movement (NRM).

The apex bank has since fixed February 10 as the deadline for the use of old naira notes.

Speaking in a statement on Tuesday, Tochukwu Ohazuruike, convener of the coalition, said those seeking extension are pretending that it is in the interest of Nigerians.

“We hope CBN obeys the court order and ensures that the February 10th deadline remains sacrosanct. No more extension will be tolerated. CBN has operational and monetary policy independence,” Ohazuruike said.

“Section 1 (3) of the CBN act 2007 states that, ‘in order to facilitate the achievement of its mandate under this act and the banks and other financial act, and in line with the objective of promoting stability and continuity in economic management, the bank shall be an independent body in the discharge of its functions’.

“Emefiele should go ahead and carry on his constitutional duties and not again succumb to the selfish needs of politicians, who are worried about losing elections and disguising that they are calling for extension in the interest of Nigerians.”

‘LOOTERS HAVE LOST’

In a similar reaction to the court judgment, the Ethnic Youth Groups, an organisation of Arewa, Ohanaeze, Oduduwa youths, said those seeking to loot the country have lost.

“These selfish individuals want Emefiele removed because they don’t want the deadline to naira swap to stop before election so that they will be able to bring out the money they stole and stashed and use it to muzzle the people to vote who they want,” Nwada Amaka, Ohanaeze Youth secretary-general, said on behalf of the organisation.

“This order of the court has rendered futile all behind the scene efforts especially by governors of some states to force the hand of the President to reverse the policy or at least extend the same.

“Governors alleged to be behind the moves to stop this policy include the governors of Kaduna, Kogi, Zamfara, Ondo, Rivers, Imo, Benue and Kano.

“Looters of the commonwealth of the people have lost out.”