House Of Reps Speaker Worried Over CBN’S Ignoring Of Supreme Court’s Order

The Speaker of the House of Representatives, Femi Gbajabiamila has faulted the Federal Government and the Central Bank of Nigeria (CBN) for ignoring the supreme court’s order on the validity of the old N200, N500 and N1,000 notes.

He said both should have waited till the apex court give its judgement on the application filed by some of the state governments to challenge the deadline for the withdrawal of the old notes from circulation.

The speaker in a statement commended president Muhammadu Buhari for allowing the old N200 notes to be in circulation for sixty days.

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Gbajabiamila, however, said it falls short of the existing order issued by the Supreme Court that the three denominations of the old notes should remain as legal tender until February 22 when it will rule on the suit filed by some of the state governments to challenge the implementation of the CBN policy.

He warned that the naira swap crisis was bound to have consequence long after the present difficult period had passed.

Gbajabiamila also said the CBN Act commits the apex bank to pay the face value of the recalled currency notes it issued upon receipt even after 100 years.###