author Paul OgbuokiriI


Indication at the weekend was that there is yet no respite in sight for the ordinary Nigerians and operators of Small and Medium Enterprises (SMEs) whom their daily livelihood has been rubbished and standard of living lowered because of the extreme cash squeeze in the Nigerian economy caused by the Central Bank of Nigeria’s Naira redesign policy. Some Nigerians spoken to at the weekend said that the hardship they are passing through was worsened by the confusing and conflicting orders from the Federal Government, the State Governments and the Order of the Supreme Court of Nigeria; adding that they are yet to feel the impact of the recirculation of the old N200 notes ordered by President Muhammadu Buhari.

Ms Bola Aderemi, Point of Service (PoS) at Ikeja told the Sunday Telegraph that about one week after President Buhari ordered the recirculation of old N200 notes, both the old and the new N200 notes have unavailable as most of the banks still ration what they pay out to customers. “I have been going to my bank (name withheld) everyday but the maximum amount a customer can withdraw per day is N5, 000; sometimes N2, 000. In most cases the cash they have doesn’t even go round.

“Even, for you qualify to get that amount in a day, you will have to abandon all you are doing that day and go to the bank as early as 5:00 am and stay in a queue till about 2:00pm. If you come to the bank anytime from 9:00am you won’t be lucky.” Ms Aderemi who disclosed that she is a single mother, further lamented that her PoS business has already crashed due to the cash squeeze, even as she could no longer be able to feed her two children.

The Supreme Court on Friday in its judgment on the Naira redesign case brought against the Federal Government by some State Governments extended the deadline for the use of the old banknotes of N200, N500 and N1,000 till December 31, 2023 but the the Central Bank of Nigeria (CBN) has fixed March 20 and 21st, to review the decision.

The two-day 12-man Monetary Policy Committee (MPC) meeting is expected to review the decision of the court and the implications in the economy. A seven-man panel of the Supreme Court in a unanimous decision stopped the federal government from ending the implementation of the naira swap police until December 31. Justice Emmanuel Agim who read the judgment held that the correct process for the redesign policy had not been followed. It faulted President Muhammadu Buhari for introducing the policy without the Council of States, the Federal Executive Council, the Civil Society and other relevant stakeholders.

“The directive given by the President is invalid. Such a directive is not just handed down after personal conversation with the governor of CBN Central Bank of Nigeria,” the court held. Agim, therefore, stated that the old naira notes will remain valid until December 31, 2023, to relief citizens.

Now the judgment has effectively overruled CBN and the Federal Government ban on the use of old N500, and N1000 notes and also the April 10 validity of N200 notes. However, the MPC meeting consists of the Governor of the Bank CBN who shall be the Chairman; four Deputy Governors of the Bank; two members of the Board of Directors of the Bank; three members appointed by the President and two members appointed by the Governor. The MPC meeting, which is scheduled to take place in Abuja, will be chaired by the CBN Governor, Godwin Emefiele.

The committee is also expected to review the current state of the economy and make decisions on key policy issues such as interest rates, exchange rates, and inflation. Meanwhile, Mr. Mike Osatuyi, National Operations Controller of the independent Petroleum Marketers Association of (IPMAN), on his part, commended the Supreme Court ruling. Osatuyi, however, said that lPMAN’s members would abide by the court order, but would “await Federal Government’s directive”.

“For us at IPMAN, we are law abiding marketers and we are ready for whatever the directives are. “The order has just been passed, let’s await the government’s reaction before taking any further actions,” he said.

https://www.newtelegraphng.com/naira-crisis-no-respite-as-cbn-sets-to-review-scourt-judgment-on-march-20/


Nlfpmod

CBN governor will surely go to prison

Which respite, when Nigeria is about to witness the worst suffering in this world.

March 20th??

Do we still have a National Assembly in this country?? What kind of impunity is going on right under their noses?

God1000:
CBN governor will surely go to prison

Why

For doing what the law empowered it to do

Emiefule is the worst CBN governor since independence.

Buhari is the worst president of Nigeria since independence.

In a sane country, these two wicked men should be in jail by now.

But this is Nigeria...

SLAP44:
Which respite, when Nigeria is about to witness the worst suffering in this world.

;DEverything will probably scatter within the next 2 weeks if nothing is done
It is getting worse by day and everyone will soon reach the wall

emeifilele had better have a chopper on the roof of his house come may 29

because the horde that will come for his arse ehn

God1000:
CBN governor will surely go to prison

He will run away before or the day Buhari hands over power. Already planned for that by sending his family abroad

Ofunaofu:


Why

For doing what the law empowered it to do

The Supreme Court had interpretated the law.

Lol!

Emefiele no send their father 🤣

Governors thought they had gotten judgment that would allow them buy votes with the old currency during the governorship elections but Emefiele is not ready to let them.

They thought getting Tinubu announced as President-Elect would make Emefiele to start dancing to their whims and caprices but I’m happy he’s disappointing them.

God bless Godwin Emefiele!

Ishilove:
March 20th??

Do we still have a National Assembly in this country?? What kind of impunity is going on right under their noses?

If you have the old money you can spend it in the court. They accept it there

Imagine

Penguin2:
Lol!

Emefiele no send their father 🤣

Governors thought they had gotten judgment that would allow them buy votes with the old currency during the governorship elections but Emefiele is not ready to let them.

They thought getting Tinubu announced as President-Elect would make Emefiele to start dancing to their whims and caprices but I’m happy he’s disappointing them.

God bless Godwin Emefiele!

People like you have still not come to terms with the fact that this past election has been won and lost, and you are a loser. Emefiele will be dealt with, it's just a matter of time. I look forward to your shouts of dictatorship when shit hits the fan 😂😂😂

A country where even a CBN Governor can disobey the judgement of the supreme court. And some Idiots are still mentioning APC because of what they will eat.

Unfortunately the judgement has no effect anymore. The amount of old notes in circulation is most likely less than 5% and the ones submitted to the CBN have been destroyed already.
So what we should be talking about now is how to make sure they pump the new notes out massively after the elections.

dustmalik:

People like you have still not come to terms with the fact that this past election has been won and lost, and you are a loser. Emefiele will be dealt with, it's just a matter of time. I look forward to your shouts of dictatorship when shit hits the fan 😂😂😂

Sorry, I’m already mentally prepared for Tinubu’s atrocities in power.

I’m already waiting for him to jail Emefiele.

I’m already waiting for his lackey in Lagos (if he wins re-election) to convert Alaba International Market to BRT park and revoke all the CofOs belonging to Igbos.

I’m already prepared to never see a free and fair election happen under Tinubu.

I’m prepared for the worst of worsts to happen.

So, nothing your Tinubu will ever do in power will shock me, ok?

Meanwhile, the election that brought Tinubu was a sham. And if you think we will go away and stop talking about it, you lie.

No matter how far the lie travels, truth will always catch up with it.