says policy implementation poor
…adds it’s unclear what interest is being served
By Levinus Nwabughiogu-Abuja
The Speaker of the House of Representatives Rep. Femi Gbajabiamila on Thursday faulted the decision of the Federal Government to disregard the Supreme Court order on the issue of currency swap.

It will be recalled that the apex court had last week given an order for the old 1000, 500 and 200 Naira notes to remain legal tender pending the determination of a case brought before it by some state governors.
On Wednesday, the apex court also reiterated its order and adjourned the matter to February 22.
On Thursday morning, President Muhammadu Buhari, in a nationwide broadcast, said he had instructed the Central Bank of Nigeria (CBN) to reintroduce the old N200 note until April 10, 2023, while the old N1000 and N500 have stopped being legal tender.
Reacting in a statement he personally signed in Abuja on Thursday, Gbajabiamila 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 authorized 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.
Gbajabiamila however urged the citizens to “bear this moment with equanimity.”
He also urged the people to desist from actions capable of causing the break down of law and order.
“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”, the speaker said.
Bemoaning the current situation in the country, Gbajabiamila added that “citizens and visitors are experiencing grave and unnecessary hardship across our country. They spend hours and days queuing at banks and teller machines to receive stipends of their own money to afford life’s necessities.
“This situation is a consequence of the flawed implementation of the naira redesign policy by the Central Bank of Nigeria (CBN). It is also the result of decisions made by the Central Bank’s Governor, Mr Godwin Emefiele, to refuse counsel, be guided by precedent or abide by the decisions of superior courts.”
He said Section 20(3) of the CBN Act, 2007 provided the statutory authority for the apex bank to initiate and implement policies for the recall of Nigerian currency, stressing that based on the provisions of the law, there were 3 conditions precedent for the CBN to recall existing Naira notes.
“The first is that the permission of the President must be obtained, and the second is that reasonable notice shall be given. The third is that the Central Bank of Nigeria shall pay the face value of the recalled currency upon receipt.
“Whereas reasonable people may disagree as to whether sufficient notice was given for the implementation of this policy, it is evident that the Central Bank of Nigeria (CBN) has failed woefully in its statutory obligation to pay the face value of the recalled currency in the form that is useful to the citizens whose current suffering could have been avoided.
“The current scarcity of cash is happening because the Central Bank of Nigeria (CBN) did not sufficiently replace the old currency it pulled out of circulation across the country. This created an artificial scarcity that put significant additional pressure on the already epileptic electronic banking channels, resulting in a near-complete collapse of trade in the country.
“Businesses cannot operate because neither they nor their customers have access to cash, and electronic banking platforms appear to have uniformly collapsed. It is unclear what interest is served by persisting in this erroneous course towards an unfolding economic disaster that the country cannot afford. The ongoing devastation of livelihoods is bound to have consequences long after this moment has passed.
“It is disheartening that the Central Bank of Nigeria (CBN) has resolutely refused to admit error and change course in the face of mounting evidence that the implementation of this policy has been a devastating failure.
“It is deeply troubling that neither the intervention of the National Council of State nor an order of the Supreme Court is sufficient to cause the Governor of the Central Bank of Nigeria (CBN) to review the decisions that have brought us to this entirely avoidable moment”, Gbajabiamila said.


https://www.vanguardngr.com/2023/02/fg-has-disregard-for-supreme-court-order-says-gbajabiamila/

Apc fighting Apc, no be juju be that.

Ok...

Even supreme court has no regard for the rule of law

When Lawan was declared winner of the election he didn't contest, where is the rule of law

Tinubu's government will be the government of past governors (El Rufai, Yahaya Bello, Gandollar, Oshiomole, etc) , this is a terrible thing for our nation

Story

Supreme Court?! The disregard is for the citizens. Even the richest supporters of this policy would soon go broke in days and everyone would reevaluate our priorities

Okay

They were also given an order to release NNAMDI KANU and they disobeyed, so it’s no difference.
Let’s keep living like animals in the jungle, in Nigeria.

Idiot as a speaker you never spoke up when the court acquitted NNAMDI KANU

GREEDY AND SELFISH FOOLS

This dumb fool is just realizing this? ..
Bloody degenerate!

Then do what you're supposed to do

APC has failed and destroyed this country.
Causing Nigerians hardship and suffering

Let's vote wisely

See person

07kjb:
Idiot as a speaker you never spoke up when the court acquitted NNAMDI KANU

GREEDY AND SELFISH FOOLS

Nnamdi Kanu lol?!

Sore looser, you plans to buy votes have collapsed

Inexcusable contempt of court!

07kjb:
Idiot as a speaker you never spoke up when the court acquitted NNAMDI KANU

GREEDY AND SELFISH FOOLS

What is Nnamdi Kanu How relevant is it to the polity

Piiggiiddiootts amaka

Lol

Na buhari make the decision he even talk say vote the party of ur choice.. that security will dey ground berekete....those with 1k naira notes kept in various warehouses because of elections will start blaming themselves now.

For almost 8 years they did not know that abi

Whao! So this hypocrite stooge is just knowing now how lawless Buhari has been after 8 years despite all the impunity and spurning of court orders( including the ECOWAS court rulings)? "Disregard for Supreme Court" kill you there.

When Buhari gave flimsy excuses for not releasing Elzazaki u guys hailed him.

He refused to grant Nnamdi kanu bail and u guys were all happy.

He refused to release Dasuki despites courts granting him bail...u guys all hailed him because the man was in PDP.

Today, it is APC against Buhari and states against CBN.
In all,APC fighting APC shamelessly.

See them shouting that Buhari do not respect the supreme court when they can remove same Buhari through the National assembly.

Deltafirstson:
says policy implementation poor
…adds it’s unclear what interest is being served
By Levinus Nwabughiogu-Abuja
The Speaker of the House of Representatives Rep. Femi Gbajabiamila on Thursday faulted the decision of the Federal Government to disregard the Supreme Court order on the issue of currency swap.

It will be recalled that the apex court had last week given an order for the old 1000, 500 and 200 Naira notes to remain legal tender pending the determination of a case brought before it by some state governors.
On Wednesday, the apex court also reiterated its order and adjourned the matter to February 22.
On Thursday morning, President Muhammadu Buhari, in a nationwide broadcast, said he had instructed the Central Bank of Nigeria (CBN) to reintroduce the old N200 note until April 10, 2023, while the old N1000 and N500 have stopped being legal tender.
Reacting in a statement he personally signed in Abuja on Thursday, Gbajabiamila 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 authorized 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.
Gbajabiamila however urged the citizens to “bear this moment with equanimity.”
He also urged the people to desist from actions capable of causing the break down of law and order.
“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”, the speaker said.
Bemoaning the current situation in the country, Gbajabiamila added that “citizens and visitors are experiencing grave and unnecessary hardship across our country. They spend hours and days queuing at banks and teller machines to receive stipends of their own money to afford life’s necessities.
“This situation is a consequence of the flawed implementation of the naira redesign policy by the Central Bank of Nigeria (CBN). It is also the result of decisions made by the Central Bank’s Governor, Mr Godwin Emefiele, to refuse counsel, be guided by precedent or abide by the decisions of superior courts.”
He said Section 20(3) of the CBN Act, 2007 provided the statutory authority for the apex bank to initiate and implement policies for the recall of Nigerian currency, stressing that based on the provisions of the law, there were 3 conditions precedent for the CBN to recall existing Naira notes.
“The first is that the permission of the President must be obtained, and the second is that reasonable notice shall be given. The third is that the Central Bank of Nigeria shall pay the face value of the recalled currency upon receipt.
“Whereas reasonable people may disagree as to whether sufficient notice was given for the implementation of this policy, it is evident that the Central Bank of Nigeria (CBN) has failed woefully in its statutory obligation to pay the face value of the recalled currency in the form that is useful to the citizens whose current suffering could have been avoided.
“The current scarcity of cash is happening because the Central Bank of Nigeria (CBN) did not sufficiently replace the old currency it pulled out of circulation across the country. This created an artificial scarcity that put significant additional pressure on the already epileptic electronic banking channels, resulting in a near-complete collapse of trade in the country.
“Businesses cannot operate because neither they nor their customers have access to cash, and electronic banking platforms appear to have uniformly collapsed. It is unclear what interest is served by persisting in this erroneous course towards an unfolding economic disaster that the country cannot afford. The ongoing devastation of livelihoods is bound to have consequences long after this moment has passed.
“It is disheartening that the Central Bank of Nigeria (CBN) has resolutely refused to admit error and change course in the face of mounting evidence that the implementation of this policy has been a devastating failure.
“It is deeply troubling that neither the intervention of the National Council of State nor an order of the Supreme Court is sufficient to cause the Governor of the Central Bank of Nigeria (CBN) to review the decisions that have brought us to this entirely avoidable moment”, Gbajabiamila said.


https://www.vanguardngr.com/2023/02/fg-has-disregard-for-supreme-court-order-says-gbajabiamila/

..

Deltafirstson:
says policy implementation poor
…adds it’s unclear what interest is being served
By Levinus Nwabughiogu-Abuja
The Speaker of the House of Representatives Rep. Femi Gbajabiamila on Thursday faulted the decision of the Federal Government to disregard the Supreme Court order on the issue of currency swap.

It will be recalled that the apex court had last week given an order for the old 1000, 500 and 200 Naira notes to remain legal tender pending the determination of a case brought before it by some state governors.
On Wednesday, the apex court also reiterated its order and adjourned the matter to February 22.
On Thursday morning, President Muhammadu Buhari, in a nationwide broadcast, said he had instructed the Central Bank of Nigeria (CBN) to reintroduce the old N200 note until April 10, 2023, while the old N1000 and N500 have stopped being legal tender.
Reacting in a statement he personally signed in Abuja on Thursday, Gbajabiamila 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 authorized 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.
Gbajabiamila however urged the citizens to “bear this moment with equanimity.”
He also urged the people to desist from actions capable of causing the break down of law and order.
“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”, the speaker said.
Bemoaning the current situation in the country, Gbajabiamila added that “citizens and visitors are experiencing grave and unnecessary hardship across our country. They spend hours and days queuing at banks and teller machines to receive stipends of their own money to afford life’s necessities.
“This situation is a consequence of the flawed implementation of the naira redesign policy by the Central Bank of Nigeria (CBN). It is also the result of decisions made by the Central Bank’s Governor, Mr Godwin Emefiele, to refuse counsel, be guided by precedent or abide by the decisions of superior courts.”
He said Section 20(3) of the CBN Act, 2007 provided the statutory authority for the apex bank to initiate and implement policies for the recall of Nigerian currency, stressing that based on the provisions of the law, there were 3 conditions precedent for the CBN to recall existing Naira notes.
“The first is that the permission of the President must be obtained, and the second is that reasonable notice shall be given. The third is that the Central Bank of Nigeria shall pay the face value of the recalled currency upon receipt.
“Whereas reasonable people may disagree as to whether sufficient notice was given for the implementation of this policy, it is evident that the Central Bank of Nigeria (CBN) has failed woefully in its statutory obligation to pay the face value of the recalled currency in the form that is useful to the citizens whose current suffering could have been avoided.
“The current scarcity of cash is happening because the Central Bank of Nigeria (CBN) did not sufficiently replace the old currency it pulled out of circulation across the country. This created an artificial scarcity that put significant additional pressure on the already epileptic electronic banking channels, resulting in a near-complete collapse of trade in the country.
“Businesses cannot operate because neither they nor their customers have access to cash, and electronic banking platforms appear to have uniformly collapsed. It is unclear what interest is served by persisting in this erroneous course towards an unfolding economic disaster that the country cannot afford. The ongoing devastation of livelihoods is bound to have consequences long after this moment has passed.
“It is disheartening that the Central Bank of Nigeria (CBN) has resolutely refused to admit error and change course in the face of mounting evidence that the implementation of this policy has been a devastating failure.
“It is deeply troubling that neither the intervention of the National Council of State nor an order of the Supreme Court is sufficient to cause the Governor of the Central Bank of Nigeria (CBN) to review the decisions that have brought us to this entirely avoidable moment”, Gbajabiamila said.


https://www.vanguardngr.com/2023/02/fg-has-disregard-for-supreme-court-order-says-gbajabiamila/

Honourable criminal supporting his druggie oga.

Ireportlive:
Supreme Court?! The disregard is for the citizens. Even the richest supporters of this policy would soon go broke in days and everyone would reevaluate our priorities

You wish.. The policy is here to stay.

habsydiamond:
Na buhari make the decision he even talk say vote the party of ur choice.. that security will dey ground berekete....those with 1k naira notes kept in various warehouses because of elections will start blaming themselves now.

Nothing for this life don shock bubu reach tinubu bullion van madness
APC MUST GO.
Even if the policy hard on business,but if this will check mate tinubu's bullion van madness,then I am ready to endure it.
I have plenty Hausa POS operators and they make the burden light enough to carry on with business.