Naira Redesign: Buhari Paving Way For Constitutional Crisis– Moghalu

Kingsley Moghalu, a former Deputy Governor of the Central Bank of Nigeria has warned of an imminent constitutional crisis between the Supreme Court and the executive arm of government.

Moghalu gave the warning on Thursday as President Muhammadu Buhari and the Central Bank of Nigeria snubbed the ruling of the apex court on the withdrawal of the old N1,000, N500, and N200 notes from circulation.

The initial date set by the CBN for the withdrawal of the old notes was January 31, 2023 but the date was extended to February 10, and a grace period of seven days which ends 17th, February.

On February 8, 2023, the apex court panel comprising seven judges led by Justice John Okoro, granted an interim injunction restraining the Federal Government, the Central Bank of Nigeria and commercial banks from implementing the February 10, deadline pending when the case will be heard by February 15, 2023.

But at the expiration of the February 10, 2023 deadline, banks and businesses began to reject the old notes.

However, Buhari on Thursday however announced that only the old N1,000 and N500 notes should be deposited at the CBN but approved the use of the old N200 notes until April 10, 2023.

Moghalu said, “As President Muhammadu Buhari tells @SupremeCourtNg ‘rest, I’ve got this ball (currency redesign)’, are we now setting up for a constitutional crisis between the Executive and apex Judicial arm of Government?

“As badly as the implementation of the currency redesign has gone, the truth is that under Nigeria’s laws, it remains a matter between the CBN and the President in terms of jurisdiction. The Supreme Court had no business here. But hey, this is Nigerian.

“Every institution, everything, has become politicized. Where there are no strong, independent institutions, and everyone, economic or judicial, is a political football, there can be no development.”