The Speaker of the House of Representatives, Femi Gbajabiamila, yesterday faulted the Federal Government’s decision to disregard the Supreme Court order on the currency swap crisis following the Central Bank of Nigeria (CBN)’s naira redesign policy.
In a statement, Gbajabiamila said though the President’s directive was a step in the right direction, the government could not afford situations that “suggest a wanton disregard for the rule of law”. He said: “This morning (Thursday), President Muhammadu Buhari announced that he has authorised the 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.” Amidst hardship in the country due to the naira crisis the Speaker urged the citizens to “bear this moment with equanimity”. Bemoaning the current situation in the country, Gbajabiamila said: “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 CBN.”
