Organisation Commends Court Order Barring Shift in New Currency Policy

A Civil Society Organisation, African Center for Justice and Human Rights, ACJHR says the court order restraining the Central Bank of Nigeria, Godwin Emefiele and twenty-seven listed commercial banks from suspending, stopping, extending or interfering with the currency redesign terminal date of February 10th will sanitize Financial markets and help to achieve credible polls.

The group in a statement by its strategic communication consultant, Comrade Abubakar Isa said this order of the Court has rendered futile all behind the scene efforts especially by Governors of some states to force the hand of the President to reverse the policy or at least extend same.

Citing possible end to currency hoarding, inflation, and counterfeiting as key reasons why they support CBN decision, the group expressed optimism that redesigned naira would further take the CBN cashless policy initiative a nudge higher by raising the bar for more stakeholders’ onboarding of the Central Bank Digital Currency.

The statement reads, “The CBN Governor, Godwin Emefiele had argued that an estimated N2.73 trillion of the N3.23 trillion currency in circulation in Nigeria, representing about 85 percent of the total had remained outside the bank vaults. The decision taken by CBN as it relates to the new banknote and time stipulated for the removal of the old note is timely, patriotic, it will not only curb crime, it will help to ensure that the N2 trn cash outside the economy would be brought in, and dry septic tanks and other places where the notes have been piled.

“The order of the court is the first step in sanitizing the country’s financial market and help in conducting very credible polls as politicians will find it extremely difficult if not impossible to have access to cash to compromise elections.”

Confidence Okwuchi