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Naira Redesign: El-Rufai Applauds Supreme Court Decision

by Echezona obinna
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The Supreme Court’s decision to extend the usage of the old naira notes through the poorly thought-out date of 10 February 2023 is welcomed by the Kaduna State Government and millions of its inhabitants.
The Special Adviser on Media and Communication for Governor Nasir El-Rufai, Muyiwa Adekeye, expressed gratitude for the justices’ judgement in a statement on Wednesday and made an appeal to the federal government to view the decision as a chance to alleviate human suffering.

According to the statement, the “governments of Kaduna, Kogi, and Zamfara states were forced to approach the Supreme Court to ameliorate the undue stress inflicted on ordinary people and their livelihoods by the ill-timed, incompetent preparation and execution of an overnight cashless policy.

Adekeye argued that CBN advanced no emergency justification for what he described as “this callous decision to deny people access to their deposited cash.”
The Special Adviser noted that “we have engaged extensively with the Federal Government and the Central Bank of Nigeria.

“This has included furnishing evidence-based demonstration of the threat to public welfare and economic activities by this myopic policy that would have been condemned as draconian and insensitive were it being pursued by an occupying power,” he added.

Court Stops CBN From Extending Deadline On Use Of Old Naira Notes

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The statement advised that “is not to the credit of a sovereign, democratic government that this level of suffering is being callously imposed when there is neither a compelling emergency situation nor clear benefits for citizens and the economy.”
According to Adekeye, Kaduna State Government hopes that a review of the currency swap policy would now be undertaken to fashion out a better implementation programme.

The programme should include timeline that provides enough old and new currency notes, for our citizens, prioritises public welfare and restores economic activity, he advised.

“Like other elected APC state governments, we have advised that this should be based on a whole of government approach that pulls together all the necessary institutions of the federal and state governments, and recognizes global best practices and reasonable timeline for implementation,” he added.

 

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