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Tinubu lauds Govs, Court’s ruling on CBN Naira swap

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The presidential candidate of the All Progressives Congress, (APC) Bola Ahmed Tinubu has commended the governors of the 36 states for supporting the Nigerian people against the Central Bank’s new Naira and cashless policies, which have caused the general populace anguish.

This was contained in a statement issued by the Director, Media and Publicity, APC Presidential Campaign Council (PCC), Bayo Onanuga.

Tinubu asserted that the Governors, particularly the APC Governors, who brought the lawsuit against the CBN and the Federal Government before the Supreme Court on behalf of the unfortunate Nigerians who must bear the brunt of the Naira redesign policy’s shoddy implementation did a commendable job.

The old N200, N500, and N1000 notes will continue to be legal money after the February 10 deadline until the case is finally resolved, according to an interim injunction issued by the Supreme Court on Wednesday morning in a lawsuit filed by the governments of Zamfara, Kogi, and Kaduna States against the Central Bank of Nigeria and the Federal Government.

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In response to the Supreme Court’s decision, Tinubu stated that the governors had prevented the nation from suffering from unnecessary political and economic crises and hardships, which were undoubtedly unintended effects of the central bank’s monetary policies.

He noted that the Supreme Court ruling coincided with the advisory of the International Monetary Fund urging for the extension of the deadline for the swap of the old naira notes, going by the problems being experienced across the country in getting the new notes.

“I want to salute the courage of our Governors and most especially the Progressives Governors in APC who acted to save our country from avoidable and dangerous political crises and social unrest which the Central Bank policy on new Naira notes has brought on our country.

“Our country was dangerously careering toward anarchy and political and economic shutdown. But with the Supreme Court interim ruling our country has been pulled back from the precipice. We thank our Supreme Court Justices for ruling wisely on the side of the people who have been subjected to undue agony and pains since this policy was announced.

“The Federal Government and relevant stakeholders can now sit down and work out better framework on how to proceed with the new policy without causing any social and economic disruption and inconvenience to our people. We have examples of other countries that have successfully and seamlessly changed their currencies to learn from.

“Those countries give a long time, at least 12 months to effect the currency change. They do not engage in CBN like fire brigade approach.

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“We have seen how a good policy can be poorly implemented to cause unintended problems for the people who should be the beneficiaries. While lessons have been learnt, we must now move on as a country and people with a Renewed Hope for a better tomorrow.

“The sole aim of my running to be the president of our country is to make life better and more abundant for our people and this is an ideal for which I will remain eternally committed to.”

He however called on the CBN to ensure that the Supreme Court ruling is effectively executed by taking all necessary steps to (i) ensure sufficient availability of Naira notes (whether old or new) and (ii) properly sensitising the public on the ruling and the consequent validity of old Naira.

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