Despite ‘Sufferings’, Nigerians Support CBN’s Cashless Policy – Presidency

Nigerians may bear the brunt of the sufferings occasioned by the naira redesign policy of the Central Bank of Nigeria (CBN) but they have embraced it, the Presidency has said.

This was contained in a statement by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, on Monday.

The policy instituted in October 2022 targeted cash hoarders and vote buyers, while seeking to end the legality of the old N200, N500, N1,000 banknotes by January 31 – the deadline later being extended to February 10.

Many commended the policy while criticising the implementation, especially the relatively short notice Nigerians were given to swap their old currencies for the new notes.

In a seeming reaction to calls for President Muhammadu Buhari to comply with the Supreme Court ruling ordering that the old notes continue to serve as legal tender until December 31, 2023, Shehu said the President was an upholder of the judicial process.

“As for the cashless system the CBN is determined to put in place, it is a known fact that many of the country’s citizens who bear the brunt of the sufferings, surprisingly support the policy as they believe that the action would cut corruption, fight terrorism, build an environment of honesty and reinforce the incorruptible leadership of the President,” the presidential spokesman said.

“It is therefore wide off the mark to blame the President for the current controversy over the cash scarcity, despite the Supreme Court judgement. The CBN has no reason not to comply with court orders on the excuse of waiting for directives from the President.

President Buhari has also rejected the impression that he lacks compassion, saying that “no government in our recent history has introduced policies to help economically marginalised and vulnerable groups like the present administration.”

See the full statement below:

STATE HOUSE PRESS RELEASE

PRESIDENT BUHARI NEVER TOLD AG AND CBN GOV TO DEFY SUPREME COURT ORDER

The Presidency wishes to react to some public concerns that President Muhammadu Buhari did not react to the Supreme Court judgement on the issue of the N500 and N1,000 old currency notes, and states here plainly and clearly that at no time did he instruct the Attorney General and the CBN Governor to disobey any court orders involving the government and other parties.

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Since the President was sworn into office in 2015, he has never directed anybody to defy court orders, in the strong belief that we can’t practise democracy without the rule of law and the commitment of his administration to this principle has not changed.

Following the ongoing intense debate about the compliance concerning the legality of the old currency notes, the Presidency therefore wishes to state clearly that President Buhari has not done anything knowingly and deliberately to interfere with or obstruct the administration of justice.

The President is not a micromanager and will not, therefore, stop the Attorney General and the CBN Governor from performing the details of their duties in accordance with the law. In any case, it is debatable at this time if there is proof of willful denial by the two of them on the orders of the apex court.

The directive of the President, following the meeting of the Council of State. is that the Bank must make available for circulation all the money that is needed and nothing has happened to change the position.

It is an established fact that the President is an absolute respecter of judicial process and the authority of the courts. He has done nothing in the last eight or so years to act in any way to obstruct the administration of justice, cause lack of confidence in the administration of justice, or otherwise interfere or corrupt the courts and there is no reason whatsoever that he should do so now when he is getting ready to leave office.

The negative campaign and personalised attacks against the President by the opposition and all manner of commentators is unfair and unjust, as no court order at any level has been issued or directed at him.

As for the cashless system the CBN is determined to put in place, it is a known fact that many of the country’s citizens who bear the brunt of the sufferings, surprisingly support the policy as they believe that the action would cut corruption, fight terrorism, build an environment of honesty and reinforce the incorruptible leadership of the President.

It is therefore wide off the mark to blame the President for the current controversy over the cash scarcity, despite the Supreme Court judgement. The CBN has no reason not to comply with court orders on the excuse of waiting for directives from the President.

President Buhari has also rejected the impression that he lacks compassion, saying that “no government in our recent history has introduced policies to help economically marginalised and vulnerable groups like the present administration.”

Garba Shehu

Senior Special Assistant to the President

(Media & Publicity)

March 13, 2023

(TNT)