House of Reps Speaker, Femi Gbajabiamila Hails Supreme Court’s Ruling on Naira Swap

Speaker-Femi-Gbajabiamila
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The Supreme Court’s decision extending the use of old naira notes to December 31 has prompted a response from Speaker of the House of Representatives Femi Gbajabiamila.

The old N200, N500, and N1000 were still considered legal tender, according to a Friday morning ruling by a seven-member Supreme Court panel.

The Central Bank of Nigeria’s policy was deemed to have been improperly timed and implemented, failing to adhere to international norms, by the supreme court.

The CBN set a deadline of January 31 for the removal of the old notes from circulation on December 23, 2022.

Later, the deadline date was extended until February 10.

However, President Muhammadu Buhari last month extended the validity of the old N200 notes till April 10.

He also declared that the old N500 and N1,000 had ceased to be legal tender.

Gbajabiamila appealed to CBN to comply with the ruling.

The statement read: “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 has 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 CBN and extending the implementation deadline to 31st December 2023 validates the position of the house in its entirety.

“The remarkably haphazard implementation of the currency swap policy fell way short of international standards.

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

“The CBN must respect the apex court’s judgment and act quickly to give it full effect. This is necessary to reverse some of the damage done to our economy and prevent the continued suffering of the Nigerian

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