Gbajabiamila tells CBN to respect court order

The Speaker of the House of Representatives, Femi Gbajabiamila, has asked the Central Bank of Nigeria (CBN) to respect the apex court’s judgement and act quickly to give it full effect. 

This was coming after the Supreme Court ordered that the old N200, N500 and N1000 notes should remain legal tender till December 31, 2023.

He said respecting the order is necessary to reverse some of the damage done to the country’s economy and prevent the continued suffering of Nigerians. 

Also read: ‘Old naira notes valid legal tender till December 31’- Supreme Court 

Gbajabiamila in a press statement on Friday hailed the decision of the Supreme Court, which invalidated the deadline for the currency policy introduced by the Central Bank of Nigeria (CBN).

Gbajabiamila added that the decision has once again proved that the apex court is the highest court of justice in Nigeria . 

He said the House of Representatives had earlier faulted the implementation of the policy as it contradicted the law establishing the CBN, and that the Supreme Court’s decision has validated the position of the House.

Also read: President Buhari says N200 old notes remain legal tender till April 10

Gbajabiamila said, “It has always been the position of the House of Representatives that, despite the noble intentions behind the currency swap policy, the design and implementation of the policy have been fatally flawed and contradictory to the ends of law and public policy.

“The decision of the Supreme Court suspending the currency swap policy introduced by the Central Bank of Nigeria (CBN) and extending the implementation deadline to December 31, 2023, validates the position of the House in its entirety.”

He further described the implementation of the policy as “remarkably haphazard,” adding that it fell way short of international standards.

“It deviated from the prior practice of the Central Bank of Nigeria (CBN) without providing any benefits to the Nigerian people or the economy of Nigeria, both of which have suffered significant harm as a result.” 

Gbajabiamila commended the governors of Kaduna, Kogi and Zamfara as well as their other colleagues, for approaching the court to make a decision on the matter.

He described the governor’s action as ‘the right thing to do’ which showed their collective adherence to the rule of law and their determination to take bold actions that serve the best interests of the Nigerian people.” 

“While we anticipate action by the Central Bank, there is still a need to examine and understand how this policy intervention turned out in the way it did.”

“The House of Representatives will exercise its authority to review the actions and inactions, the failures of law and procedure that set the conditions for this profound failure of public policy. This is necessary to ensure we take the right legislative actions to prevent future reoccurrence.”