PUSH NEWS 24 INTERNATIONAL: February 8th, 2023
The All Progressives Congress (APC), Candidate for the Amuwo Odofin Federal Constituency in the February 25th, 2023 general elections, Prince Lanre A. Sanusi popularly called PLS has hailed the Supreme Court ruling against the CBN on the use of old naira notes.
Sanusi in a media chat described the decison by the court as timely and a reprieve for the masses who in the past few weeks have gone through some economic woes due to the effects of the naira policy swap.
While commending the CBN for such initiative to mop-up excess cash in circulation, he however said the timing and strategy to circulate the new notes were not carefully thought-out.
The apex court judgement annulled the Central Bank of Nigeria deadline of February 10 as the last date the notes would be acceptable.
A seven-man panel, ordered that the notes remain in circulation after Friday.
Three northern states, Kaduna, Kogi and Zamfara, had, in a motion ex-parte filed on February 3rd, prayed the apex court to halt the Central Bank of Nigeria’s naira redesign policy.
The 7-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.
A statement by PLS commended the Supreme Court for displaying “remarkable insight and sensitivity” in the matter.
He said the justices proved that the courts are the last hope of the common man “when faced with policies that are not all inclusive and lacking the inputs of some critical stakeholders ”.
The Awori born Prince also thanked the All Progressives Congress, APC, chieftains, Governors Yahaya Bello, Nasir El-Rufai, and Bello Matawalle for taking the initiative to test our democracy.