CBN : Obey Supreme Court Judgement
By Jude I. Ojiugo-Onochie
For the entire citizens of the country to pass through an envisaged excruciating, painful and grueling conditions, over currency swap/ redesign, for over three weeks in a Country where they committed no offense, this is strange.
The Central Bank of Nigeria (CBN) came with a policy of reprinting, redesign and recirculating of the nation’s currencies, #200, #500, and #1000 which by all senses is supposed to strengthen the nation’s fiscal/ monetary policy.
But presently, the masses, the poor citizens of this country, are at the receiving end over their inability to have access to the new naira notes which presently have gone out of reach of the people.
Worried by this development, some states governors who meant well for this country, notably His Excellencies Mallam N’asir El-rifai, Kaduna, Bellow Yahaya Kogi, Mattawale Zamfara, Ganduje Kano and others approached the Supreme Court of the Federal Republic of Nigeria to seek redress and justice.
The distinguished states governors and that on behalf of this Country, to avert break down of law and order in their states as a result of the cash crunch the citizens suffered.
When the matter came up for adjudication, the Supreme Court on an interim order decided that the old and new naira notes should co-exist together pending the determination of the suit before it.
While the entire merit of the case was looked into.
The Supreme Court gave judgment in favour of the states governors, that the old #200, #500, and #1000 notes are legal tender till December 31st 2023.
Precisely the judgment was given on the 3rd March 2023, up until now the commercial Banks are still afraid to reissue those old naira notes to their customers as a result of the fact that the Central Bank of Nigeria (CBN) has not given them the directive to do so.
By all standards, the Supreme Court is the highest court of law in the land (the Country) whatever judgment it gives is final.
It sounds very strange, absurd and unheard of that the Central Bank of Nigeria (CBN) is being waited for to review a judgment delivered by Supreme Court (the highest court) in the Country.
There are three Arms of government in the country, the Legislature, Judiciary and the Executive.
Legislature- Law making for the good governance of the country.
Judiciary – Interpretation of laws
Executive- Implementation of laws.
That is to say, no arm of government should encroach, dabbled into, pry into of interfere with the functions of other arms.
By all standards, the Judiciary is saddled with the responsibility to right the wrong, it is an arm of government which deserves respect, the moment the rule of law is respected in this country, we will have a better country for all to thrive.
