Obey Supreme Court Ruling On Old Notes - Ekiti Assembly Tells Buhari, CBN

 

Ekiti Assembly has called on President Muhammadu Buhari to compel the Central Bank of Nigeria (CBN) to obey the Supreme Court ruling on old naira notes.

 

According to the assembly, CBN should allow old and new N200, N500 and N1,000 notes co-exist until the determination of the suit filed by some state governors. 

 

The Assembly also told Commissioner for Finance and Economic Development, Mr. Akintunde Oyebode, to set machinery in motion to regulate the activities of Point of Sale (POS) operators with a view to saving the people of the State from exploitation and exorbitant charges imposed on them.

 

In a resolution passed by the Assembly at a plenary on Friday presided over by Speaker, Olubunmi Adelugba, the lawmakers appealed to residents to remain calm in the face of the  hardship they are going through over the scarcity of new notes. 

 

While urging them not to be provoked into engaging in any activities that could lead to break down of law and order in the state, the Assembly admonished the people to take the forthcoming general elections seriously and vote responsibly.

 

Expressing their concerns and worries on the suffering of the people of the state on the scarcity of the new Naira notes, the Ekiti lawmakers urged the federal authorities and the apex bank to obey the rule of law as enunciated by the Supreme Court ruling to bring relief to the beleaguered masses.

 

The motion calling on the Federal Government and the Central Bank of Nigeria to make the Naira notes available was moved by the lawmaker representing Ekiti East Constituency 2, Hon. Lateef Akanle and seconded by lawmaker representing Irepodun/Ifelodun Constituency 1, Hon. Femi Akindele.

 

In his lead debate, Hon. Akanle, who is also the Chairman of the House Committee on Finance and Appropriation, said nobody in Nigeria can pretend that all is well with the present situation of the country which he described as “precarious.”

 

Hon. Akanle regretted that the cash crunch has added to the hardship of Nigerians and the people of Ekiti State whom he said now keep vigil at banks for hours and days in a bid to access their personal money.

 

Seconding the motion, Hon. Akindele who regretted that nobody envisaged that Nigerians and the people of Ekiti State would be going through what he described as “unwarranted hardship,” lamented a situation in which customers are now made to pay exorbitant charges to POS operators to withdraw their money.

 

Contributing to the motion, Deputy Speaker, Hakeem Jamiu, commended Governor Oyebanji for ensuring that Ekiti State joined the suit filed by Kaduna, Kogi and Zamfara States against the Federal Government on the new Naira policy at the Supreme Court accusing the CBN Governor, Mr. Godwin Emefiele of misleading President Buhari on the policy.

 

Jamiu who represents Irepodun/Ifelodun Constituency 2 noted that “it is good to go cashless but the timing is very wrong moreso coming at a time Nigerians are still battling with the scarcity of petrol.” He expressed regrets that the whole country has been gripped with tension on account of the development.

 

He said: “The CBN should make the new Naira notes available to the people. It is very unfortunate that the CBN Governor should mislead and deceive the President. The Federal Government and the CBN should find a solution, our people should not be provoked as they prepare to go to the polls.

The Assembly Chief Whip, Hon. Adeoye Aribasoye, regretted that the scarcity of new Naira notes had given rise to more insecurity and shortage of food in the land coming at a time the country was recovering from the challenges of COVID-19.

 

Hon. Aribasoye, who represents Ikole Constituency 2, called on President Buhari to set a good example by complying with the ruling of the Supreme Court to allow the old and new Naira notes to be in circulation pending the determination of the suit.

 

He said: “By virtue of Section 20(3) of the CBN Act, the onus rests on Mr. President; he is the one that can approve (the policy) and the highest court in the land had spoken. The President should set an example by obeying the rule of law because the suffering Nigerians are going through can lead to unimaginable catastrophe.”

Speaker Adelugba, while showing her empathy on the present situation on the currency crisis, urged the people of Ekiti State to be calm and not to be forced to take the law into their hands.

 

The Assembly subsequently adjourned plenary sine die.