Anxiety grips Nigerians as the Supreme Court is set to hear the substantial suit on the Naira Swap Policy brought before it by the state governments of Kaduna, Kogi and Zamfara today.
This is as the governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has said that the February 10, 2023 deadline for the old naira notes to cease to be in use stands despite the Supreme Court ruling which suspended the currency swap deadline.
The CBN had set February 10, 2023 deadline for the old N1,000, N500 and N200 notes to stop being legal tender in Nigeria.
“The situation is substantially calming down since the commencement of over-the-counter payments to complement ATM disbursements and the use of super agents. There is, therefore, no need to consider any shift from the deadline of February 10,” Emefiele said yesterday during a visit to the Federal Ministry of Foreign Affairs in Abuja to discuss the monetary and currency redesign policy of the apex bank.
The CBN governor insisted that there was no need to shift the deadline.
He also said that Point-of-Sale (P0S) agents, who charge above N200 for cash swap, would be arrested and jailed if caught.
February 10 Deadline For Naira Swap Stands – Emefiele
The CBN governor further said the PoS operators can come to the CBN to be compensated for any extra cost incurred in getting the new Naira notes rather than charging the customers higher fees.
Last week, the Supreme Court ordered the suspension of the February 10 deadline for the naira swap policy pending a final ruling on the suit filed by Kaduna, Kogi and Zamfara State governments slated for today, February 15, 2023.
Governors Order Arrest Of Anyone Rejecting Old Notes
Niger State governor, Abubakar Sani Bello, has directed security agencies in the state to immediately arrest those rejecting the old Naira notes.
A statement issued by the secretary to the state government (SSG), Ahmed Ibrahim Matane, stated that old Naira notes of N1,000, N500 and N200 are still valid and anyone who refuses to accept them should be dealt with according to the dictates of the law.
According to the SSG, “It has come to the notice of the government that some people and traders are rejecting the old Naira notes from the citizens, a development that is not healthy thereby inflicting untold hardship on the people of the state”.
Ahmed Matane warned that the old Naira notes are still valid and anybody found rejecting them shall be arrested and prosecuted, even as he called on the people to go about with their legitimate business and report any person who refuses to accept the old Naira notes to security agencies for necessary action.
On its part, the Kano State government has warned that it would revoke the operational licences of major business owners and take action on anyone who refuses to accept the old naira notes as a means of transaction.
Ganduje, who handed down the warning in a statement issued by the commissioner for information and internal affairs, Malam Muhammad Garba, said the old naira notes are still legal tender.
He said the Supreme Court was emphatic on its interim injunction on the issue of old naira notes which would continue to be used as legal tender hand in hand with the new ones until gradual and final phase-out.
The governor said it had come to the notice of the government that some business owners such as supermarkets, malls, banks, restaurants, hotels, traders in markets, filling stations and motor parks, among others, are in the habit of rejecting the old naira notes in business transactions.
Ganduje further observed that this non-acceptance by some selfish individuals is further worsening the already tense situation caused by the non-availability of the new naira notes.
“Business and economic activities are seriously affected by the naira redesign and unfortunately some self-centred individuals are cashing on the situation to cause further hardships on the people by not accepting the old naira notes during transactions,” the statement added.
According to him, the people have suffered enough untold hardship and therefore the state government would not fold its arms and allow a few selfish elements to worsen the situation.
The governor called on the people in the state to continue with their lawful businesses and report anyone who refuses to accept the old naira notes to the appropriate quarters.
Also Ogun State governor, Prince Dapo Abiodun, has warned that the state government would shut down any commercial bank operating in the state that refuses to accept old Naira notes.
The warning is sequel to complaints received from the people by the state government that commercial banks and some filling stations were rejecting the old Naira notes as legal tender.
The governor spoke yesterday while addressing market men and women at Itoku Kampala market in Abeokuta, as part of his reelection campaign to Abeokuta North local government area of the state.
Abiodun, who frowned at the action of the banks, noted that since the new Naira notes were not available, commercial banks must accept the old banknotes to ease the suffering of the people.
He called on the people to remain calm, assuring that his government was working assiduously to ensure that the present situation was brought under control.
Meanwhile, Rivers State Governor Nyesom Ezenwo Wike has said the shoddy implementation of the naira swap policy by the Central Bank of Nigeria (CBN) is political and has worsened the living condition of the poor in society.
He said the essence of government and its agency such as CBN is not to inflict hardship on the masses, but to cushion it.
Wike spoke yesterday during the official presentation of letter of nomination on the “award of Independent Man of the Year 2022” to him by the management of Independent Newspapers, at the Government House, Port Harcourt.
The governor said Nigerians were suffering as a result of the tactless implementation of the naira swap policy, and urged the government to urgently ameliorate the condition of the people.
Cashless Policy Facing Syndicated Attacks From 10 Governors – CSOs
The Coordinating Council of Civil Society of Organisations (CSOCCC) had identified a group of 10 governors which they alleged were mobilising to cause riots in the country in various states in opposition to the federal government new Naira policy.
The CSOCCC, which stated this yesterday in Abuja at a world press conference, noted that the state chief executives described as ‘G-10 Governors’ are determined to undermine all constitutional means of achieving the policy aimed at sanitiszing the economy.
The national convener of the groups, Obed Okwukwe, who spoke for the organisation, said that the group had uncovered a grand plot by the 10 governors to make Nigeria ungovernable if the policy was not reversed.
Pointing out that it was mere subterfuge that the governors who approached the Supreme Court did so without the love of their people, the group said, “since the implementation of the new Naira policy, Nigerians and indeed the system have started seeing the gains.”
The group added that “except for the hitches of the unavailability of cash, particularly for small businesses, which is caused by sabotage from those who do not want the policy so they can continue with their illicit trade, other major indicators show that the impact of the policy on our economy is quite positive.
“Also on security, the impact is being felt as kidnappers now know that there is no cash to pay for ransom. In our electoral process, it is now obvious to Nigerians that it is only the vote buyers that are complaining.”
