Naira Swap: APC Chairman, Governors Call on AGF, CBN to Obey Supreme Court Order

As a result of the currency shortage and the ensuing impasse, riots have broken out across the nation as people flood apex bank branches in an effort to exchange their old notes.

Senator Abdullahi Adamu, the National Chairman of the All Progressives Congress (APC), and the Progressive Governors Forum (PGF) demanded that the Federal Government adhere to the Supreme Court’s ruling on the contentious naira exchange policy on Sunday.

The call follows a meeting between Adamu and the APC governors in Abuja on a policy that appears to widen the gulf between the White House and the party’s governors.

Although CBN Governor Godwin Emefiele insisted on the deadline, the Supreme Court granted an interim injunction suspending the old N200, N500, and N1,000 as legal tender as of February 10.

President Muhammadu Buhari, on the other hand, declared last Thursday that only the old N200 notes will be permitted to circulate with the new denominations for only 60 days. This decision has come under fire from members of the President’s own cabinet.

Nasir El-Rufai (Kaduna), Yahaya Bello (Kogi), Bello Matawalle (Zamfara), Abdullahi Ganduje (Kano), and Dapo Abiodun are some of the APC governors who have spearheaded the opposition to Buhari’s attitude (Ogun).

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The resolution from the meeting with the PGF was read by the APC chairman, who began by saying, “We notice very seriously that the currency redesign is posing enormous challenges for Nigerians.

We kindly request that the Central Bank Governor and the Attorney General of the Federation respect the ongoing interim injunction issued by the Supreme Court.

The meeting is pushing President Buhari to get involved in tackling the problems that Nigerians are having a lot of trouble with.

With the release of the redesigned N200, N500, and N1,000 banknotes, the CBN’s policy aims to reduce vote-buying and combat the stockpiling of illicit monies.

The Supreme Court’s interim injunction halting the implementation of the programme negated the three-month notice that Nigerians were given to swap their old cash for the new notes.

Currency shortages caused by the deadlock between the governors and the federal government have resulted in riots breaking out all over the country as people flood the branches of the apex bank to turn in their old notes.