Femi Gbajabiamila, the Speaker of the House of Representatives, has said that President Muhammadu Buhari’s directive to CBN falls short of the Supreme Court order that the old currencies remain legal tender.
He said this on Thursday in a statement noting that though the directive is a step in the right direction, it will be better for FG to adhere to the court order pending the adjudication of the suit on the policy’s legality and its implementation.
Recall that the president on Thursday had directed the CBN to reintroduce only the old N200 note into circulation.
Read more: Court dismisses suit seeking Buhari’s removal
Mr. Gbajabiamila noted that citizens and visitors are experiencing grave and unnecessary hardship across the country because of the policy.
He said the policy is a consequence of the flawed implementation of the naira redesign policy and also the result of decisions by CBN’s Governor Godwin Emefiele to refuse counsel.
He revealed that the currency scarcity is because CBN did not sufficiently replace the currency it pulled out.
He said, “it is disheartening that CBN has resolutely refused to admit error and change course in the face of mounting evidence that the implementation of the policy has been a devastating failure. “It is deeply troubling that neither the intervention by the national council of state nor an order of the supreme court is sufficient to cause Emefiele review that has brought us to this entirely avoidable moment.”