Speaker of the House of Representatives, Femi Gbajabiamila, Thursday, faulted the decision of the Federal Government to disregard the Supreme Court order on the issue of currency swap.
The apex court had last week given an order for the old 1,000, 500 and 200 Naira notes to remain legal tender pending the determination of a case brought before it by some state governors.
The court had on Wednesday reiterated its order and adjourned the matter to February 22.
However, the Executive arm of the Federal Government remained silent on the Supreme Court order until Thursday morning, when President Muhammadu Buhari, in a nationwide broadcast, said he had instructed the Central Bank of Nigeria (CBN) to reintroduce the old 200 note until April 10, 2023, while the old 1,000 and 500 have stopped being legal tender.
But Gbajabiamila, in a statement he personally signed in Abuja, said though the president’s directive was a step in the right direction, the Federal Government could not afford situations that “suggest a wanton disregard for the rule of law.”
“This morning, President Muhammadu Buhari, GCFR, announced that he has authorised the Central Bank of Nigeria (CBN) to reintroduce the old N200 notes into circulation, pending when the Bank can make sufficient amounts of the new currency available. This is a step in the right direction, and I hope it helps curb Nigerians’ suffering.
“However, the decision still falls short of the order of the Supreme Court that the old currencies remain legal tender pending the adjudication of a pending suit brought by state governments on the legality of the policy and its implementation.
“It is not to the benefit of our country for the Federal Government to act in ways that suggest a wanton disregard for the rule of law. It will be better for us to strictly adhere to the court’s order in this matter pending the adjudication of the substantive suit,” he said.
Amidst the hardship Nigerians face, Gbajabiamila urged the citizens to “bear this moment with equanimity.
“For the sake of our country, we must work together to resist actions that escalate tensions and endanger our democracy at this crucial moment of national awakening and rebirth.
“In all things, let the well-being of our fellow citizens and the survival of our nation be foremost in our hearts and guide all the decisions we make in this historic moment”, he said.
