Primetweets
The Arewa Consultative Forum (ACF) has expressed their concern to President Muhammadu Buhari regarding the Central Bank of Nigeria’s (CBN) naira redesign policy. The Federal Government’s refusal to follow the Supreme Court’s ruling on the continued use of old naira notes has caused immense hardship for Nigerians and could lead to social unrest. Murtala Aliyu, Secretary General of the ACF, stated that the government should have followed the court’s order and provided new naira notes to alleviate the suffering of citizens. He added that it is the President’s duty to uphold the Constitution of Nigeria and that the potential consequences of the policy could be disastrous.
The Supreme Court declared that the President had violated the Constitution by issuing a directive to the CBN without consulting the National Council of States and the Federal Executive Council. The state governors have argued that the policy, which stopped the circulation of old N500 and N1,000 notes without providing enough replacements, has caused a cash shortage and chaos in the economy. This has led to inflation in food and other commodities, long queues at banks and ATMs, riots, and civil unrest. The CBN’s approach has raised questions about respect for civil liberties and rights of Nigerians as it relates to their freedom to use their income as they wish. They fear that this policy could lead to a depression.
