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The Coalition of Civil Society Organisations (CSOs) of Nigeria has asked the Chief Justice of Nigeria, Justice Olukayode Ariwoola to vacate the order by the Supreme Court restraining the Federal Government from implementing the February 10 deadline for the validity of old 200, 500 and 1,000 naira notes.
Speaking during a press conference on Wednesday in Abuja, the National Coordinator of the group, Obed Okwukwe, claimed that Supreme Court does not have the jurisdiction to entertain the matter.
But the presidential candidate of the All Progressives Congress (APC), Bola Tinubu, in a swift reaction hailed the governors of the 36 states in the country for standing on the side of the Nigerians following the Supreme Court ruling on the naira redesign policy.
Tinubu said the governors, especially those elected on the platform of the APC, who instituted the suit against the CBN and Federal Government at the Supreme Court acted well on behalf of Nigerians who have been made to bear the brunt of naira redesign policy “that has been poorly implemented”.
On his part, Okwukwe said: “We say it categorically that the Supreme Court does not have the jurisdiction to entertain that matter that has been presented before it by some state Attorneys” General. We the CSOs are rejecting it.
“It is a plot to open bank vaults to enable vote buyers and holders of illicit wealth to have cash to buy votes. We urge the CJN to hurriedly vacate the Ex-parte order in the overall interest of the Nigerian election,” Okwukwe said.
He said according to the 1999 Constitution, as amended, the apex court has the right and original jurisdiction to entertain matters between states and the Federal Government. The rights activist argued that the naira redesign policy is a policy of the Central Bank of Nigeria (CBN) and has the backing of the Federal Government and ought not to be entertained by the Supreme Court.
“The sole aim of my running to be the president of our country is to make life better and more abundant for our people and this is an ideal for which I will remain eternally committed to.”
Tinubu, however, called on the CBN to ensure that the Supreme Court ruling is effectively executed by taking all necessary steps to “ensure sufficient availability of naira notes (whether old or new) and properly sensitising the public on the ruling and the consequent validity of old naira.”
Also, the Rivers State governor, Nyesom Ezenwo Wike has commended the Supreme Court of Nigeria for saving democracy by halting the Central Bank from banning the use of the old naira notes of N200, N500 and N1000 after February 10th 2023.
He said the intervention of the Supreme Court was timely because there are some elements who have been bent on derailing the ongoing democratic process.
Wike spoke at the County State School, Emilaghan in Central Abua, venue of Rivers State Peoples Democratic Party (PDP) organised campaign flag-off rally in Abua/Odual Local Government Area on Wednesday.
He said, “I want to, on behalf of the Rivers State Government, commend the Nigerian Supreme Court for what they have done today (Wednesday) to save the masses of this country and to save democracy. Today, the Supreme Court has stopped the Central Bank of Nigeria (CBN) from embarking on stopping the old Nigerian Naira notes from circulating.”
He also declared that the Rivers State government will join the three northern states in the suit that is already challenging what the CBN is doing.
“And let me commend my brother states like Kogi State, like Kaduna, like Zamfara state who took it upon themselves to go and challenge the federal government at the Supreme Court.
“I also want to say that the Rivers State Government will join them in that suit to challenge what the CBN is doing. We will not support anything that will go against the masses, anything that makes the masses to suffer.”
Wike reiterated that the survival of the country’s democracy rests, to a large extent on critical agencies of government that expected to live up to their statutory obligations.
“I have said before, this democracy can only survive with the support of INEC, with the support of security agencies and with the support of the judiciary. With what happened today, the Supreme Court has shown that the hope of the common man lies on the judiciary.”
various constituents and never disappoint their expectations because they will provide quality representation.
Wike had earlier paid a courtesy call at the palace of His Majesty, King Kaleh O. Obuge, to seek royal blessing for the PDP consolidation team.
Earlier on Wednesday, the Supreme Court restrained the Federal Government from implementing the February 10 Deadline for the old naira notes.
Three northern states — Kaduna, Kogi and Zamfara — had in a motion ex-parte filed on February 3rd, by their lawyer, AbdulHakeem Mustapha (SAN), prayed the apex court to halt the Central Bank of Nigeria (CBN) naira redesign policy.
A seven-man panel of the Supreme Court led by Justice John Okoro, in a unanimous ruling, granted an interim injunction restraining the FG, CBN, commercial banks etc from implementing the February 10, deadline for the old 200, 500 and 1000 Naira notes to stop being a legal tender.
The court further held that the FG, CBN, commercial banks must not continue with the deadline pending the determination of a notice on notice on in respect of the issue on February 15.
By this ruling, the old Naira notes continue to be legal tenders in Nigeria.
Meanwhile, a seven-member panel of the Supreme Court led by Justice John Okoro, stopped the move of the federal government in a ruling in an exparte application brought by three northern states of Kaduna, Kogi and Zamfara.
currency reserves declined because of capital outflow pressures.
The report, added that Nigeria has missed out on the opportunity to reap the benefits from higher global oil prices in 2022 adding that the government needs to take decisive fiscal and monetary tightening to secure macroeconomic stability, combined with structural reforms to improve governance, strengthen the agricultural sector, and boost inclusive, sustainable growth.
