THE Speaker of the House of Representatives, Femi Gbajabiamila, has lauded the Supreme Court judgement nullifying the ban on old N200, N500, and N1,000 banknotes by the Central Bank of Nigeria (CBN) till December 31.
“It has always been the position of the House of Representatives that despite the noble intentions behind the currency swap policy, the design and implementation of the policy has been fatally flawed and contradictory to the ends of law and public policy,” Gbajabimaila said in a Friday statement reacting to the judgement.
“The decision of the Supreme Court suspending the currency swap policy introduced by the Central Bank of Nigeria (CBN) and extending the implementation deadline to 31st December 2023 validates the position of the House in its entirety.
“The remarkably haphazard implementation of the currency swap policy fell way short of international standards. It deviated from the prior practice of the Central Bank of Nigeria (CBN) without providing any benefits to the Nigerian people or the economy of Nigeria, both of which have suffered significant harm as a result.”
According to Speaker, the CBN must respect the apex court’s judgement and act quickly to give it full effect. This, he said, is necessary to reverse some of what he described as the damage done to the economy and to prevent the continued suffering of Nigerians.
The Reps member representing Surulere I Constituency in Lagos State congratulated and appreciated the governors of Kaduna, Kogi and Zamfara states, for approaching the Supreme Court to give a final settlement on this matter.
“This was the right thing to do. It showed their collective adherence to the rule of law and their determination to take bold actions that serve the best interests of the Nigerian people,” he said.
“While we anticipate action by the Central Bank, there is still a need to examine and understand how this policy intervention turned out in the way it did.
“The House of Representatives will exercise its authority to review the actions and inactions, the failures of law and procedure that set the conditions for this profound failure of public policy. This is necessary to ensure we take the right legislative actions to prevent future reoccurrence.”
