Naira Redesign: "Where Are 200 Naira Notes Buhari Restored?", Right Activist Asks
Human rights groups and individuals have continued to react to the recent nationwide broadcast by President Muhammudu Buhari where he announced that N500 notes and N1000 notes will no longer be considered legal tender in the country.
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The president in the broadcast also extended the lifespan of the N200 too for another 60 days.
Emmanuel Onwubiko, the coordinator of the Human Rights Writers Association of Nigeria, HURIWA, in an exclusive chat with Legit.ng has lamented that despite the president’s announcement restoring the 200 Naira notes, the money is nowhere in circulation in Abuja, or anywhere in the country.
Source: Facebook
Expressing anger, Onwubiko said also not in circulation are the 50 Naira and the 100 Naira notes, saying the policy came without proper planning.
Recall that the president’s Thursday broadcast came a day after a few persons were killed in protests that occurred across the country. Prominent among the protests was the one in Benin city which led to the killing of a protester by officers deployed to quell the riot.
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According to the president, the economy would be better off, should Nigerians embrace the policy as the hardship being experienced is only temporary and will disappear anytime soon.
Buhari’s broadcast results in controversy
Some Nigerians have chided the president for insisting on the policy despite a supreme court order directing its immediate suspension. Angered by the president’s broadcast, some governors, especially those of the All Progressives Congress, the same party as President Buhari did contrary broadcasts, telling citizens of their states to continue to use the old Naira notes as legal tender. They warned that should any financial institution within the state disobeys the order, they will be sanctioned.
Kaduna state governor, Nasir El-Rufai, in a statewide broadcast had charged residents to ignore the president's directive and follow his order, saying that the old 500 naira and 1000 Naira notes remain legal tender in his state.
Abiodun fumes
Similarly, Dapo Abiodun, the governor of Ogun state, in a statement said the banned notes remain legal tender in his state, warning commercial banks and other financial institutions to stay with his order or they risk serious sanction.
CBN appeals to Nigerians
But Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN) has assured Nigerians that the pain of the Naira redesign and the cashless policy will be shortlived. He said the aim was solely to revive the economy and fight illicit financial crimes such as money laundering and others.
Rights activist, Onwubiko laments
Reacting to the speech by the president and the unavailability of the Naira notes, Onwubiko said:
“The speech by President Buhari is an empty rhetoric. This is because it’s not long I went to about 5 to six branches of banks seeking how to get the new notes or the 200 Naira notes, but I was told reliably that most of the branches of several banks in Abuja were forced to submit their 200 Naira notes which the president just restored.
Most of these banks have already taken the old 200 notes back to the CBN. So what kind of organized chaos and confused administration is this? It’s unfortunate that the president and the CBN Governor suddenly woke up one morning and suddenly decided to redesign the Naira notes without any proper planning. Nothing on ground to adequately prepared for this.”
Faulting the president for a belated address that came after some Nigerians who engaged in protests across the country lost their lives, Onwubiko said:
“The president made a speech only after more than 10 Nigerians were killed during protests. It took the deaths of Nigerians before the president could react. As far as I’m concerned, that speech was belated and absolutely illogical."
On the legal aspect, the rights activist said:
“And if you look at it from the legal point of view, why is the president interjecting in a matter that is already before the Supreme Court? They are just rubbishing everything. All the institutions are being rubbished by the government.
"They have rubbished the military by introducing nepotism and tribalism, killing the whole command structure of the military, they have polluted the military, they have destroyed the CBN, and corrupting the justice system.
“You have a matter before the Supreme Court, why not wait for it? You now interjected. And some lawyers are saying, it is subjudice. It is contempt of court. And I think it’s contempt.
"Maybe the president did it because he is protected under section 308 sub-section 1 of the constitution, which is the most criminally-minded section of a constitution anywhere in the world. It is only in Nigeria you can find such a criminal provision. Otherwise, the president would have been charged with contempt of court.”
Stating that the president’s speech did not address the current problem of the financial crunch and that the Naira remains scarce across the country, Onwubiko said:
“I can’t find money anywhere in Abuja. I have not seen the 50 Naira, 100 Naira, and 200 Naira notes anywhere in Abuja. Even the POS operators that charge for the withdrawal don’t even have the cash. So what is now happening?
“Everybody is looking for money, both the POS person, the market woman, the journalist, everybody is searching for money. Even doctors who are supposed to be attending to patients in hospitals are out on the streets looking for cash.
And Mr. President has subjected Nigerians to these pains and pangs with this brainless policy. Even the 200 Naira notes are not in circulation even as I speak. People are in the bank, they can’t see the cash.”
Naira redesign: Buhari holds closed-door meeting with Emefiele after Supreme Court's ruling
President Muhammadu Buhari is said to have met with Godwin Emefielethe, the governor of the Central Bank of Nigeria (CBN), on Wednesday, February 15.
It was gathered that the meeting came hours after the Supreme Court adjourned the suit filed by state governments to challenge the naira redesign policy of the CBN till February 22.
According to the senior special assistant to the President on Media and Publicity, Garba Shehu, who confirmed the news, Emefiele was expected to meet with Buhari after the Federal Executive Council meeting on Wednesday.
Source: Legit.ng
Onyirioha Nnamdi Onyirioha Nnamdi is a graduate of Literature and English Language at the University of Lagos. He is a Politics/Current Affairs Editor who writes on news and political topics for Legit.ng. He brings into his reporting a wealth of experience in creative and analytical writing. Nnamdi has a major interest in local and global politics. He has a professional certificate from Reuters and was awarded the editor with the best listicle for 2021. Contact: 08062988054, o.nnamdi@corp.legit.ng
Adoyi Ali Ali Adoyi is a prolific writer and a graduate of the Benue State University, Makurdi, Benue State. Adoyi holds a B.A Theatre and Communications Arts. He has bagged many awards both in academics and in journalism. Some of the awards are 10 years Journalism Merit Award, Best graduating student (Dept) Most Outstanding student (Faculty), and others. Adoyi can be reached here: adoyi.ali@corp.legit.ng
