Gbaja to CBN: Comply quickly with s’court judgement on naira redesign policy

Femi Gbajabiamila, speaker of the house of representatives, has hailed the supreme court judgment on the naira redesign policy.   

Earlier on Friday, the supreme court invalidated the naira policy introduced by the Central Bank of Nigeria (CBN).

A seven-member panel of the apex court held that the old N200, N500, and N1000 notes remain legal tender until December 31, 2023.

While faulting the policy, the court said the timing and implementation were defective.

The CBN had unveiled the new N200, N500, and N1,000 notes on December 23, 2022, and fixed February 10 as the deadline for the use of the old ones — despite a temporary injunction by the supreme court that the old notes were still legal tender.

In a statement issued on Friday, Gbajabiamila said the verdict of the supreme court aligns with the position of the house of representatives.

“It has always been the position of the House of Representatives that despite the noble intentions behind the currency swap policy, the design and implementation of the policy has been fatally flawed and contradictory to the ends of law and public policy,” he said.

“The decision of the supreme court suspending the currency swap policy introduced by CBN and extending the implementation deadline to 31st December 2023 validates the position of the house in its entirety.”

Gbajabiamila said the “remarkably haphazard implementation of the currency swap policy fell way short of international standards”.

“It deviated from the prior practice of the CBN without providing any benefits to the Nigerian people or the economy of Nigeria, both of which have suffered significant harm as a result,” he said.

“The CBN must respect the apex court’s judgement and act quickly to give it full effect. This is necessary to reverse some of the damage done to our economy and prevent the continued suffering of the Nigerian people.”

Gbajabiamila said while the CBN is expected to take action on the supreme court verdict, the house of representatives “will exercise its authority to review the actions and inactions, the failures of law and procedure that set the conditions for this profound failure of public policy”.

“This is necessary to ensure we take the right legislative actions to prevent future recurrence,” he added.