· Emefiele directs bank chiefs to ensure circulation of old N200 notes
· Overrule of Supreme Court order has dire consequences – CDD, others
· Students carpet Buhari for extending use of old N200
Nigeria has lost over N5 billion to bank customers who went on rampage, Wednesday, destroying bank facilities including bank buildings and Automated Teller Machines (ATM) over the controversial money redesign policy of the Federal government through the Central Bank of Nigeria (CBN).
The bank customers had gone to the commercial banks branches, expecting to get money days after they took their old currencies to the bank to deposit with hope of getting the redesigned ones, but were told by the banks that there was no money because the CBN did not print enough new currencies.
In States such as Edo, Kwara, Delta and Oyo States, the customers who became irate over the hardship they suffered went violent and destructive. At the last count, the Association of Senior Staff of Banks, Insurance and Financial Institutions has estimated that the country lost over N5 billion from the attacks.
The group’s president, Oluwole Olusoji, made this disclosure on Thursday adding that the protesters had attacked 17 commercial banks nationwide. He explained that bank buildings were burnt and Automated Teller Machines destroyed while bank officials were also attacked.
“We call on the public to desist from threatening or attacking our members or destroying our properties as they will be only proverbially cutting their noses to spite their faces. We can only give what we have been provided with and nothing more,” Olusoji said.
President Muhammadu Buhari in the early hours of Thursday, addressed Nigerians over the scarcity of the naira and the crisis which erupted from the policy. He apologized for the hardship which the policy has thrown the citizens into and called for calm. He assured that measures have been taken to bring an end to the sufferings.
Buhari further announced that he has directed the CBN governor to bring back the old N200 note into circulation, saying that the old and new N200 note will circulate together for another 60 days.
Following the address, Nigerians from all works of life have been reacting to the address, especially as it relates to the order by the Supreme Court which had earlier ordered that all the redesigned notes should circulate with their old counterparts until the ruling on the suit filed by some governors of the All Progressives Congress (APC) against the federal government over the policy.
In a swift reaction, the CBN governor, Mr Godwin Emefiele, disclosed that his team has met with 15 commercial bank chiefs on how to implement President Buhari’s recent directives on the availability of old N200 notes.
Addressing journalists at the State House after Buhari’s directives, Emefiele said commercial banks have been directed to make the old N200 notes available. According to him, the development would help reduce the pain of Nigerians, stressing that they meet with bankers every day to get feedback on the naira policy.
His words: “President has given his directives. I have met with about 15 banks this morning and we have given them directives about how they can make all the N200 notes available effective today.
“I assure Nigerians that this will help to reduce the pain. We meet with the bankers at least once daily to get feedback and I think we should let this policy work. The temporary pains are regrettable but I can assure Nigerians that it will be well.”
Meanwhile, a prominent civil society organisation, Centre for Democracy and Development (CDD) has taken President Buhari to the cleaners over his decision to overrule the Supreme Court’s order on the naira redesign policy implementation.
CDD expressed concerns that the President’s decision which put an end to the use of the old N500 and N1,000 notes as legal tender despite the apex court order, has dire consequences for the forthcoming general elections.
A statement signed by CDD director, Idayat Hassan, on Thursday, said Buhari’s action of allowing only the N200 to remain in circulation was a breach of the principle of separation of powers.
“Centre for Democracy and Development (CDD) closely followed the Thursday morning broadcast by President Muhammadu Buhari on the crisis caused by the implementation of the Naira redesign and cash swap policy. The high point of the broadcast was the President’s approval of the recirculation of only the old N200 bank notes, alongside the redesigned notes till April 10, 2023.
“We note, with grave concern, the President’s decision to unfortunately take steps contrary to the position of the Supreme Court on a case concerning the policy; this is sub-judice. The apex court ruling on the implementation of the redesign policy is that the old notes remain legal tender until the court gives a final verdict.
“It therefore amounts to a flagrant disobedience and violation of the orders of the highest court in the land for the President to carry on as if the ruling of the Supreme Court is of no effect. CDD is convinced that this is an egregious affront on the rule of law, and the principle of separation of powers. In a constitutional democracy, which is anchored on the rule of law and separation of powers, the President’s action amounts to an unconstitutional power grab, which degrades our democracy?
“President Buhari’s decision has dire consequences for the 2023 general elections, which are less than 10 days away. Observers from all over the world are in Nigeria to witness the elections and report on the growth of the Nigerian democracy. This flagrant side-stepping of the Supreme Court’s decision does no good for our nation, the elections and the democracy we have collectively nurtured over the last 23 years.
“The President has no authority whatsoever to override any court in the land, talk less of the Supreme Court. CDD therefore calls on President Buhari to immediately purge himself of his unconstitutional overreach and align himself with the ruling of the apex court.
“With less than 120 days to the end of the president’s second and final term in office, we believe this is a clear opportunity for President Buhari to loudly show his support for the rule of law, and live up to the promise he made the Nigerian people to be a reformed democrat,” the CDD stated.
In the same breath, the National Association of Nigerian Students (NANS) and the National Association of Ogun State Students (NAOSS) have flayed President Buhari for lifting restrictions on the use of old N200 notes only.
The students’ bodies said Buhari should have listened to the voices of Nigerians by sacking the Governor of the CBN Godwin Emefiele for insisting on the new naira policy which, according to them, had brought untold hardship on Nigerians.
The students stated this in a statement jointly signed by the Ogun State Chairman of NANS, Comrade Kehinde Simeon and the National President of NAOSS, Comrade Oluwagbemileke Ogunrombi in Abuja on Thursday.
The students maintained that the President’s decision might further aggravate the tension in the country and push Nigerians into more violent protests.
They said: “It is obvious that President Muhammadu Buhari has failed to take into consideration the plight of Nigerians in taking his decision. This new development may snowball into total unrest in the country if proactive action is not taken.
“The fact remains that N200 notes are not as much in circulation as N500 and N1000. This is because many ATM machines do not dispense N200 notes.
“It is now clear that the President and the CBN governor are now working together against the emergence of the All Progressives Congress (APC) Presidential candidate, Asiwaju Bola Ahmed Tinubu as the president of the country.
“Because how else can you explain President Buhari’s refusal to sack the CBN governor who has foisted an anti-people policy on Nigerians, despite the nationwide cry that Emefiele should be removed?
“This is the same CBN governor that bought the Presidential nomination form of the APC even as the governor of the apex bank. It is clear that both Emefiele and Buhari are working against Nigerians.
“President Buhari and Emefiele have inflicted untold hardship and pain on innocent Nigerians with the unpopular naira redesign policy and Nigerians have shown their opposition to the policy, but Buhari and Emefiele have remained adamant.
“The question we want to ask President Buhari is that, is Emefiele bigger than the entire people of Nigeria that the policy cannot be reversed?
“Is Buhari not in charge of the country that he has found it difficult to yield to the demands of Nigerians and sack Emefiele?”