Economic experts have urged President Muhammadu Buhari to order the Central Bank of Nigeria’s Governor, Godwin Emefiele, to follow the Supreme Court’s ruling regarding the legality of the previous naira notes.
President Muhammadu Buhari should immediately order the CBN governor to return to the status quo, according to Gbolade Idakolo, a financial expert, who spoke with Obasanjonews24 on Friday.
The naira redesign strategy has caused over a trillion dollars in corporate losses, thus this is a wonderful step. Because of their frequent transactions with cash, several SMEs have shut down. The Supreme Court’s ruling is a huge relief because the policy made things more difficult for the already stressed people.
“The President-declaration elect’s and the members of his PCC have already said that he would rescind the policy. The Governor of the Central Bank of Nigeria should return to the previous state of affairs right away, per the President.
The old N500 and N1000 notes need to be put back into circulation, according to economist Paul Alake, who also stated that this needs to be made clearer.
This was his response to the Supreme Court’s ruling on the continued usability of old naira notes through the end of the year, which he made during a Friday interview with Arise television.
The financial expert questioned how the N2.1 trillion that the Central Bank of Nigeria is said to have withdrawn would be recirculated.
If the old notes are not returned to the banking system by the CBN, the judgement, according to him, will have no effect.
“Well, where is the money, I hear you ask? New and old notes may be spent simultaneously, it has been suggested. Recall that the N2.1 trillion that the Central Bank of Nigeria claimed had been taken out of the economy.
Would it be possible to impose the reintroduction of old naira notes into the economy? Who will be responsible for reintroducing the old naira notes into the financial systems has been made clear by the court’s ruling.
The court’s decision might not have any impact if the Central Bank of Nigeria does not release the funds to the financial sector.
The difficulties caused by the devaluation of the naira have not abated for Nigerians. It is possible, nevertheless, that the Supreme Court’s ruling will bring about some relief.
