Court Order Stopping Shift In Cashless, Naira Swap Policies ‘ll Sanitise Financial Market, Electoral Process – ACJHR

A continental Civil Society Organisation (CSO), African Center for Justice and Human Rights (ACJHR), has said that the Court order restraining the Central Bank of Nigeria (CBN), its Governor, Godwin Emefiele, and 27 commercial banks in the country, from suspending, stopping, extending or interfering with the currency redesign terminal date of February 10, 2023, will sanitise the nation’s financial market and help to achieve credible polls.

The group in a statement by its strategic communication consultant, Comrade Abubakar Isa, said the Monday’s order of an FCT High Court has rendered futile all behind-the-scene efforts especially by Governors of some States, to force the hand of the President to reverse the policy or at least extend same.

Citing possible end to currency hoarding, inflation, and counterfeiting as key reasons why it was supporting CBN’s decision, the CSO expressed optimism that redesigned naira would further take the CBN cashless policy initiative a nudge higher by raising the bar for more stakeholders’ onboarding of the Central Bank Digital Currency.

The statement reads, “The CBN Governor, Godwin Emefiele had argued that an estimated N2.73 trillion of the N3.23 trillion currency in circulation in Nigeria, representing about 85 percent of the total had remained outside the bank vaults. The decision taken by CBN as it relates to the new banknotes and time stipulated for the removal of the old notes is timely, patriotic, it will not only curb crime, it will help to ensure that the N2trn cash outside the economy would be brought in, and dry septic tanks and other places where the notes have been piled.

“The order of the court is the first step in sanitizing the country’s financial market and help in conducting very credible polls as politicians will find it extremely difficult if not impossible to have access to cash to compromise elections.”