Naira Swap: APC National Chairman, Govs urge AGF, CBN to respect Supreme Court order

The National Chairman of the All Progressives Congress (APC), Senator Abdullahi Adamu and the Progressive Governors Forum (PGF) on Sunday called for compliance by the Federal Government to the Supreme Court order on the controversial naira swap policy.

The call comes on the heels of a meeting between Adamu and the APC governors in Abuja over a policy that seemingly deepens the rift between the Presidency and governors under the party.

The Supreme Court granted an interim injunction suspending the Central Bank of Nigeria’s February 10 ultimatum for the old N200, N500, and N1,000 as legal tender, though the CBN Governor, Godwin Emefiele, insisted on the deadline.

However, President Muhammadu Buhari announced last Thursday that only the old N200 notes would be allowed to remain in circulation with the new denominations for only 60 days, a position that has drawn criticism from members of the President’s own cabinet.

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Some of the APC governors who have led the charge against Buhari’s stance are Nasir El-Rufai (Kaduna), Yahaya Bello (Kogi), Bello Matawalle (Zamfara), Abdullahi Ganduje (Kano), and Dapo Abiodun (Ogun).

The APC chairman, read the resolution of the meeting with the PGF, saying, “We note very seriously that the currency redesign is causing tremendous difficulty to Nigerians.

“We urge the Attorney General of the Federation and the Central Bank Governor to respect the supreme court order of interim injunction which is still subsisting.

“The meeting is urging President Buhari to intervene in resolving the issues causing great difficulty to Nigerians.”

The policy spearheaded by the CBN seeks to alleviate vote-buying and tackle hoarding of illicit funds with its issue of the redesigned N200, N500 and N1,000 banknotes.

The three-month notice for Nigerians to exchange the old currency for the redesigned notes was undercut by an interim injunction of the Supreme Court suspending the implementation of the policy.

Amid the standoff between the governors and the Federal Government, currency scarcity has led to riots breaking out across the country, as crowds inundate branches of the apex bank in an attempt to turn in their old notes.

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