4th March, 2023
By Ibukun Emiola
Financial and economic experts have lauded Friday’s judgment of the Supreme Court invalidating the naira redesign policy of the Central Bank of Nigeria (CBN).
The apex court invalidated the naira redesign policy, ordering that all old notes must remain legal tender till Dec. 31.
In an interview with the News Agency of Nigeria (NAN) on Saturday in Ibadan, a Financial Expert, Mrs Lolade Adesola, said she believed that the policy was “politically minded to curb vote-buying”.
Adesola said: “It was done to prevent vote-buying; though, there is still governorship and state Houses of Assembly elections, where the greatest vote-buying happens.
“But, apart from that, there is no reason again for us to rush things. The Supreme Court’s judgment is, no doubt, good.”
Also, an Economic Expert, Mr Samson Olalere, said those insinuating that the policy was targeted at the Presidential and National Assembly elections could now be absolved.
“I see the judgment as a political judgment. They just wanted peace to reign, knowing that CBN too was not ready, because they didn’t have the new notes.
“So, the best thing to mitigate this issue is for the court to give a judgment that will ease the pains of the people.
“Now, there will be peace in the society, because CBN can now bring back the old notes and people can get the money in the banks, which will ease the trouble in the economy to a large extent,” Olalere said.
Commenting, an ex-banker, Mr Philip Aragbada, said the judgment must be obeyed by CBN, lest the apex bank commits an offence that could destabilise the nation.
“For anybody to disrespect the final judgment of the Supreme Court is a very serious thing that can lead to anarchy; even, a layman knows that in any country.
“By this judgment, the CBN Governor is bound to obey the judgment so that he will not be indicted,” Aragbada said.
Supreme Court had in its judgment said, “a policy of this magnitude should not be taken without consultation and must be in line with the global best practices”.
The judgment delivered by Justice Emmanuel Agim, on behalf of a panel of seven Justices, said: “I, therefore, hold that no reasonable notice was given and therefore, declared the policy to be invalid.
“The imposition of a limit after collecting the old notes constitutes illegal appropriation of private property.
“The old notes shall remain in circulation until the 31st December of 2023,” the apex ruled.