El-Rufai Mocks Buhari, Asks Nigerians To Ignore His Policy And Wait For Tinubu; AGF Malami Kicks

By Adesina Soyooye

Fire-eating Governor of Kaduna State, Mallam Nasir El-Rufai, has asked Nigerians to ignore the February 10, 2023, deadline given by President Muhammadu Buhari for Naira Swap, and look up to the Presidential Candidate of the All Progressives Congress, Bola Tinubu.

He told them that Tinubu would reverse Buhari’s Naira Policy as soon as he is sworn in as President if he wins the  Presidential Election on February 25, 2023.

The Governor was reacting to the ruling on an exparte motion which stopped the Federal Government and the Governor of the Central Bank of Nigeria, CBN, from declaring the old Naira denominations of N1000, N500 and N200 notes illegal tenders after February 10, 2023.

The CBN had, three months ago, introduced  new Naira notes in those denominations and given a January 31 deadline for its legal tender.

However, outrage and anger greeted the deadline from most people including Tinubu and a number of APC Governors. Its scarcity as well as the scarcity, even of the old notes, traumatized most Nigerians who could not withdraw any cash to sustain themselves.

Fights broke out in Banking Halls and ATM and POS points. A number of cities erupted in violent protests.

President Buhari was forced to give a 10-day grace. But as it approached, with no solution in sight, three State Governors – El-Rufai, Kaduna, Yahaya Bello, Kogi and Bello Matawalle, Zamfara, approached the Supreme Court with an exparte motion. It was granted. The Apex Court gave a temporary relief that both the old and new notes should be used side by side as legal Tenders, and adjourned till February 15 for the hearing of the case.

Hailing the ruling, El-Rufai promised that Tinubu would reverse the Policy and asked Nigerians to ignore President Buhari’s deadline.

He said, while addressing a political audience in Kaduna, that: “Everyone, especially, people in Kaduna, should not be disturbed because of the Naira Swap policy deadline. Continue running your businesses and daily activities with whatever notes, old or new, that you have.

“And, we will make sure to address this problem as soon as we win the election. That will be the first issue to tackle if we win the election.

“Don’t rush yourselves into taking old Naira notes to the bank, and wasting your time in the unnecessary queues at the bank. Nobody can stop you from using the notes.

“When we come to power, Insha Allah, if Bola Tinubu becomes the President, we’ll give people more time to get rid of the old notes.”

Meanwhile, Attorney General of the Federation and Minister of Justice, Abubakar Malami, SAN, has kicked against the Supreme Court  ruling and the case filed by the Governors.

In a suit, he has asked the SC to dismiss the case filed by the three State Governments of Kaduna,  Kogi and Zamfara against the Federal Government over the Naira swap deadline.

In a preliminary objection, the FG asked for the dismissal based, Malami said, on the grounds that the Apex Court has no jurisdiction to hear the case.

Citing section 251 of the Constitution, Malami argued that the Defence Lawyers’ position is under “the exclusive jurisdiction of the Federal High Court in matters of monetary policy of an agency of the Federal Government.”

On Wednesday, in Abuja, an amalgamation of Civil Society Organisations, CSO, marched to the CBN Headquarters in support of the CBN, and urged it not to back down on the 10th February deadline.

Meanwhile,  a legal opinion has dismissed the SC ruling as an exercise in futility.

He said: “The deadline won’t change. Neither the CBN nor the Commercial Banks was joined as parties to this suit. The three State Governors simply took advantage of the fact that in matters purely between the State and the Federal Government, the Supreme Court can serve as a Court of first and only instance.

“Joining CBN in the matter would automatically rob the Supreme Court of jurisdiction. Sadly, the Attorney General cannot issue a binding order on the CBN Governor.

“The CBN Act didn’t contemplate such, and an interim order is simply an academic exercise and grandstanding.”

In the meantime, the protests continue to spread to more cities with reports that some banks have, allegedly, been set on fire.