By Fred Itua, Abuja
Since the introduction of the new Naira notes by the Central Bank of Nigeria (CBN), there have been divergent views expressed by a cross section of Nigerians. Incidentally, members of the ruling All Progressives Congress (APC) who Nigerians had expected will support the move, have turned out to be the fiercest critics of the initiative.
On the contrary, the Peoples Democratic Party (PDP) and the Labour Party (LP), have urged Nigerians to support the new currency regime, explaining that the benefits will far outweigh the current setbacks.
The tales of woes by Nigerians are reverberating across every nook and cranny of the country. From Lagos to Iruekpen, Kano to Mubi, Nigerians are unable to access the new currency notes. The various payment platforms of money deposit banks, have also caved in to the pressure.
Amid the prevailing crises, many Nigerians have weathered the storm. But the anger appears to have shifted to the ruling APC, its governors, as well as the presidential candidate of the party, Tinubu, whose verbal interventions have been rebuffed by angry citizens.
A fortnight ago, APC presidential candidate, Bola Ahmed Tinubu, raised what stakeholders have now termed a false alarm that the current fuel scarcity experienced nationwide and the redesigned Naira notes, were plans to scuttle the forthcoming 2023 elections.
Though Tinubu was in the know of President Muhammadu Buhari’s firm support for the new currency regime, he went further to allege, without evidence, of a conspiracy and mischief among certain elements within the corridors of power, bent on using the newly redesigned Naira currency to frustrate the citizenry.
“They hoarded money, they hoarded Naira; we will go and vote and we will win. Even if they change the ink on the Naira notes. Whatever their plans, it will come to naught. We are going to win. Those in the PDP will lose,” an angry Tinubu had boasted.
The outburst of Tinubu was yet to abate, when APC governors hurriedly ambushed President Buhari to prevail on him to not only shift the deadline for the old currency and that it should go along with the new currency. The governors led by Nasir El-Rufai, had his Ebonyi, Ogun, Imo, Zamfara, Kebbi, Yobe, Lagos, Kano, Kwara, and Niger states counterparts in attendance.
Kano State governor, Umar Ganduje, had revealed after the meeting: “Our request is for the deadline to be shifted. Not only shifted but the old currency should go along with the new currency until the old currency dies a natural death. Which is possible.”
Nigerians in their millions, while descending heavily on APC governors and its presidential candidate, Tinubu wondered why the party leaders kept a loud silence when students spent over eight months at home as a result of an industrial action by the Academic Staff Union of Universities (ASUU).
Other posers about the lingering fuel scarcity, insecurity, inflation, and other critical issues were raised. “Why did the governors suddenly act? Because their interest is affected,” a political pundit queried.
There is another claim that APC governors are desperate to have access to raw Naira notes to enable them influence the outcome of the elections, otherwise called ‘vote buying’.
Desperate to challenge Buhari’s stance, three APC governors hurriedly approached the Supreme Court and urged it to halt the full implementation of the currency regime. Kaduna, Zamfara and Kogi State governors, led the move.
The three state governments on February 3, sued the Federal Government at the Supreme Court asking for an order suspending the policy. The plaintiffs through their lawyer, Abdulrakeem Mustapha, are seeking an order “restraining the Federal Government through the CBN…the commercial banks…from suspending on the 10th of February 2023 the timeframe within which the now older versions of the 200, 500 and 1000 denominations of the Naira may no longer be legal tender pending the hearing and determination of the substantive suit.”
Two days after, the Supreme Court on Wednesday, temporarily halted the move by the Federal Government through the CBN to ban the use of the old naira notes from February 10, 2023.
A seven-member panel led by Justice John Okoro halted the Federal Government’s plan in a ruling in an exparte application brought by three northern states of Kaduna, Kogi and Zamfara.
In an apparent jibe at President Buhari, Tinubu had openly come hailed the move by the three state governors, describing it as timely. He said by their move, millions of suffering Nigerians have been relieved of their burden.
In a statement issued by his media office on Wednesday, Tinubu expressed delight over the pronouncement of the Supreme Court asking the Central Bank of Nigeria to suspend the deadline on new Naira and cashless policies.
Tinubu said the governors especially the APC governors who instituted the suit against the CBN and the Federal Government at the Supreme Court acted well on behalf of the hapless Nigerians who have been made to bear the brunt of Naira redesign policy that has been poorly implemented.
“I want to salute the courage of our governors and most especially the Progressive Governors in APC who acted to save our country from avoidable and dangerous political crises and social unrest which the Central Bank policy on new Naira notes has brought on our country,” he said.
Amidst the confusion, three separate bodies have kicked against the order by the Supreme Court. They’re worried that if unchallenged, the order could derail the elections.
Some Youth Leaders in a statement made available to Daily Sun, called on President Buhari to issue an Executive Order for Currency Swap to override the temporary halt Supreme Court gave and prevent further extension of the deadline.
The socio cultural groups in a joint statement signed by Ohanaeze Youth group Secretary General, Nwada Amaka said supreme court has no jurisdiction for the exparte order.
Arewa Youths on its part while condemning the ruling, insisted the supreme court must redeem itself by vacating this order so that Nigerians will not see them as apex court that is always against credible election.
The groups urged the Central Bank of Nigeria, CBN to file urgent preliminary objection on jurisdiction ground so that the apex court can vacate this order.
The statement reads: “CBN should as a matter of fact join the suit and file urgent preliminary objection on jurisdiction ground so that the apex court can vacate this order while Nigerians who have not deposited their old notes should avoid had I known and go to do so immediately. The original jurisdiction of the Supreme Court is not activated by the status of the parties before the Court or the nomenclature of names but the subject matter in controversy. See AGF vs AG, Imo State.
“The issue is that the masses don’t have old Naira notes again and there is none to be spent. How does this order help the people who are asking for new Naira to be made available? This order is designed only to help politicians with sharing of old money during election.
“We call on President Buhari to exercise his constitutional powers to make an urgent executive order to set the terminal date for the new currency to remain 10th February 2023 which he has powers to do under the law as the exparte order made outside jurisdiction can’t stop the exercise of the executive powers of the President.”
African Centre for Justice and Human Rights (ACJHR), warned that the Supreme Court exparte order temporarily halting the move by the Federal Government to ban the use of the old Naira notes from February 10, 2023, is capable of derailing the credibility of 2023 election, if not vacated.
The group in a statement by its strategic communication consultant, Comrade Abubakar Isa lamented that despite president Buhari’s resolve for credible polls and peaceful transition, some vested interests and greedy politicians are hell bent on ensuring this doesn’t come to pass.
The group urged the CBN to file urgent preliminary objection on jurisdiction ground so that the apex court can vacate the order.
The statement reads: “Just two days ago, we hailed the high court order restraining the Central Bank of Nigeria, Godwin Emefiele and twenty-seven listed commercial banks from suspending, stopping, extending or interfering with the currency redesign terminal date of February 10th.
“This order of the Court which we thought 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 being overruled by the Supreme Court.
“The behavior of Justices of supreme court lately is quite questionable. One wonders if the judiciary is actually the last hope of the common man or last hope of the elites. We urge the Central Bank of Nigeria, CBN to file urgent preliminary objection on jurisdiction ground so that the apex court can vacate this order.”
Similarly, a group known as the Civil Society Central Body, expressed anger over Supreme Court new currency restrain order, saying that credible election is under attack.
The group, in a statement by the coordinating Chairman, Obed Agu called on President Buhari to issue an executive order for policy to terminate the February 10th deadline and prevent further extension.
The group described the Supreme court ruling as a plot to aide corrupt politicians buy vote.
While describing the exparte application as one without legal basis, they asked the Chief Justice of Nigeria to hurriedly vacate the exparte order in the over all interest of the Nigeria election.
The statement reads: “Supreme exparte application has no legal basis. The CSO are rejecting it as it’s a plot to open the bank vaults to enable vote buyers and holders of illicit wealth to have cash to buy votes. We ask the CJN to hurriedly vacate the exparte order in the over all interest of the Nigeria election.
“We have suffered a lot in the hands of supreme court in undermining any effort for credible election. Supreme court voided the card reader which aided and increased official election result rigging. The Supreme court declared a man who came 4th in election as governor of a state and that helped to destroy Imo State and sanctity of the ballot.
“The Supreme Court few days ago declared two men who never participated in senatorial election as candidate in the person of Akpabio and Ahmed Lawan and Nigerians are still in shock and that helped to destroy the credibility of the primary process.
“Today, the Supreme court without jurisdiction in a matter that is not in dispute between state and federal govt and instead of directing the governors supporting Tinubu who are aggrieved about the process to go to Federal High Court, usurped the powers of the federal high court on such banking issues, issued exparte order to allow use of old notes till Feb 15 thereby opening the gate for compromise of the election credibility with vote buying.”