Naira Swap: ACF Says Buhari Has Plunge The Country Into Crisis

The Arewa Consultative Forum, has warned President Muhammadu Buhari that his refusal comply with with the supreme court judgment on the naira swap is capable of plunging the country cinto a serious crisis .

Tension has mounted across the country after the Central Bank of Nigeria, CBN, and the Presidency failed to make a definite pronouncement on the Supreme court ruling that the old N500 and N1000 should remain as legal tender.

In a statement signed by Murtala Aliyu its General Secretary on Sunday,  the northern group said it’s unimaginable that 10 days after the apex court ruled on the matter, the federal government has yet to comply, causing untold hardship for Nigerians.

ACF said President Buharis credentials as a stickler for the rule of law has been tainted by his refusal to obey the supreme court.

ACF said “Some ten days ago, the Supreme Court of Nigeria held that the President, Muhammadu Buhari, breached the Constitution of Nigeria in the way he issued a directive to the CBN for the redesign of the Naira without consulting with the National Council of States and the Federal Executive Council. 

“It went further to rule that the unconstitutional use of powers by the President on the Naira redesign has breached the fundamental rights of Nigerian citizens in various ways.

“The state Governors have persistently argued that the policy which permitted the CBN to place an embargo on the circulation of old N500 and N1,000 Naira notes while not providing their replacement in sufficient amounts, had triggered severe cash shortage and chaos in the economy.

“It has led to runaway inflation in food and other commodities. Huge crowds and long queues form around bank offices and ATM points across the country as people struggle to get the new cash which have remained extremely scarce. It has triggered riots and other forms of civil unrest.

“The current approach of the CBN”, argued the state Governors, “raises concerns about the respect for the civil liberties and rights of Nigerians as it relates to their freedom to use legitimately earned income as they so wish”. They believe that the CBN is in truth pursuing a policy of “Naira-Confistication” which would possibly set off a cripplying depression.

“Monday, the 13th of March, 2023, marks the 10th day when the Supreme Court of Nigeria ruled that CBN’s Naira Redesign policy is unlawful and that its implementation should stop. Whatever the CBN or anyone else say about the benefits of the policy, which evidently are many, is of little comfort as soon as the highest court in the country has deemed that it is, or, at least the manner of its implementation, breaches the law.

“Ten days is long enough time for the government to find its way towards complying with a court order which import is central to the achievement of peace, order and good governance in the country.

“President Buhari is under oath to defend the constitution of Nigeria. As his long term supporters, it will be remiss of us if we fail to warn that the much touted benefits of the Naira redesign can never justify the  damage to his credentials as a democrat and a stickler for the rule of law.