CSO commends Supreme Court’s verdict on Naira policy

A civil society organization, Centre for Social and Economic Rights (CSER) has commended the Supreme Court for it’s landmark judgement, which invalidated the naira redesign policy of the Federal Government.

The apex court on Friday ruled that the old naira notes of N200, N500 and N1000 should remain legal tender side by side the new denominations till 31st December 2023.

CSER in a statement issued in Lagos by its Executive Director, Nelson Ekujumi, said: “The Supreme Court by this historic judgement has proven once again to be the last hope of the common man against despotism and tyranny.

“The Supreme Court judgement of today (Friday) revalidating the wicked, inhuman, insensitive, irresponsible and dehumanizing implementation of the naira redesign policy of the CBN has rekindled the hope of Nigerians in democracy and is a pointer to the fact that tyranny of the executive as exemplified by this policy and the repeated disobedience to lawful court ruling by the executive must be challenged doggedly within the ambit of the law and defeated.

“Centre for Social and Economic Rights commended the Governors of Kogi, Zamfara and Kaduna states for leading other progressive states governments to challenge in court the CBN poorly and wickedly implemented naira redesign policy which has caused excruciating and dehumanizing pains to Nigerians, social and economic dislocations of persons and businesses who have been unable to access their legitimate funds in banking institutions for weeks, which is condemnable and unacceptable.

“The group condemned in the strongest terms, the federal government and the CBN for their flagrant disobedience to the February 15th and 22nd 2023 order of the Supreme Court as well as the contempt of court February 16th 2023 presidential broadcast of President Muhammadu Buhari, wherein he announced that only the old N200 naira notes would remain as legal tender in utter contravention of the order of the Supreme Court that the old N200, N500 and N1000 notes should remain legal tender till the determination of the suit.

“The group demands that the federal government and the CBN should immediately comply with the Supreme Court ruling by issuing circular to commercial banks and other financial institutions to start collecting and dispensing the old N200, N500 and N1000 naira as a medium of exchange in obedience to the court ruling.

“The group also demands an unreserved apology to Nigerians by President Muhammadu Buhari for his disrespect to the laws of the land by the flagrant disobedience to the Supreme Court order via the contempt of court presidential broadcast of 16th February 2023 as well as a presidential broadcast affirming the federal government and CBN immediate compliance with the Supreme Court ruling.

“CSER equally demands the committal to prison for contempt of court of the CBN Governor Mr Godwin Emefiele and the Attorney General and Minister of Justice Mr. Abubakar Malami if they fail to immediately comply with the Supreme Court ruling.”

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