ACJHR Hails Court Order on New Currency Deadline

*Ethnic Youth Groups,Say Commonwealth Looters Have Lost

Sunday Aborisade in Abuja 

A Civil Society Organisation, the African Center for Justice and Human Rights (ACJHR) has said that the court order barring further shift in the deadline set for the monetary policies of the Federal Government will sanitise financial markets and help to achieve credible polls.

The Court verdict had restrained the Central Bank of Nigeria, Godwin Emefiele and 27 listed commercial banks from suspending, stopping, extending or interfering with the currency redesign terminal date of February 10th.

The group in a statement by its strategic communication consultant Mr. Abubakar Isa, said the order of the Court has rendered futile all the behind-the-scene efforts  by some state governors to force the hand of the President to reverse the policy or at least extend same. 

The ACJR cited  possible end to currency hoarding, inflation, and counterfeiting as key reasons why they support CBN decision.

The group 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.

Part of the statement read, “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 per cent of the total had remained outside the bank vaults. 

“The decision taken by CBN as it relates to the new banknote and time stipulated for the removal of the old note is timely, patriotic, it will not only curb crime, it will help to ensure that the N2 trn cash outside the economy would be brought in, and dry septic tanks and other places where the notes have been piled.

“The court order 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.”

Similarly, ethnic youth groups, including the Arewa, Ohanaeze, Oduduwa youths have also hailed the high Court of the Federal Capital Territory which barred any interference with the currency redesign terminal date of February 10th or issue any directive contrary to the February 10 date.

The socio cultural groups in a joint statement signed by Ohanaeze Youth group Secretary General, Nwada Amaka said looters of commonwealth have lost.

The groups said the order was best for the country and would afford the stakeholders opportunity to now concentrate on how to ameliorate the hardship occasioned by the policy.

The groups also said the order ties the hands of bank CEO’s and their staff who have been alleged to be hoarding the new bank notes and trading with them thereby causing untold hardship to ordinary citizens.

Part of the statement read, “For selfish reasons, vested interests are opposing the good intentioned policy by CBN despite the full backing of the President Muhammadu Buhari. 

“Some strategic policies of the CBN under the leadership of Godwin Emefiele have been grossly misunderstood and unduly criticized in the apex bank’s efforts to heal and restore confidence in the naira and the economy. 

“The CBN’s policy aimed at checking malpractices was misinterpreted by vested interests as a move targeted against the poor.

“These selfish individuals want Emefiele removed because they don’t want the deadline to naira swap to stop before election so that they will be able to bring out the money they stole and stashed and use it to muzzle the people to vote who they want. 

“This order of the 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. 

“Governors alleged to be behind the moves to stop this policy include the Governors of Kaduna, Kogi, Zamfara, Ondo, Rivers, Imo, Benue and Kano.

“Looters of the common wealth of the people have lost out while Ohanaeze Youths insist that vote buyers and election riggers have been relegated just as Oduduwa Youth hold the view that kickbacks will be very difficult now, corruption greatly limited and chance for money laundering made slimmer.”