The legal fire works ignited at the Supreme Court yesterday over the protracted case between the Central Bank of Nigeria, CBN joined with two Peoples Democratic Party, PDP serving Governors Vs 10 serving Governors of the All Progressives Congress, APC, was extinguished in a most uncouth manner, leaving stakeholders, politicians who besieged the Court premises disappointed.
Perhaps sensing the imminent danger that locks ahead against any ruling of the new banknotes crisis at this auspicious time, the Justices at the Apex Court, in their wisdom, adjourned hearing of the matter to March 3 this year.
A subtle analysis of the decision of the Honourable Justices, speaks volume of the expected crisis it would have generated.
For most Nigerians, the judiciary is gradually returning to its past glory following the Tuesday’s ruling. The nation would have been thrown into turmoil if the Justices have held that the old and new naira notes co-exist as legal tender pending when monetary policy process is normalised.
That position would have frustrated President Mohammadu Buhari last minute push to bequeath an enduring democracy through the conduct of free, fair and credible elections.
Reported cases of humongous amount of money discovered in homes of politicians, attested to the claim that the policy was ostensibly designed to tightened the noose of the politicians.
Hence, over 90% of those currently kicking against the well intended policy, that would help to knock the nation’s sinking economy back to shape, are mainly politicians who now masquerade as the people’s advocate.
This irony has placed the Nigerian populace in the middle of nowhere.
Though, few who now understand the drift are beginning to question the so much concern being demonstrated by the same political leaders who have plunged Nigeria into the bottomless pit of poverty
The Chairman, House Committee On New Naira notes, Honourable Ado Doguwa disclosed that the average Lawmaker, seeking election to the lower house, would require not less than ₦70 million to prosecute his election.
Hence, the anxiety generated by the introduction of the New Monetary Policy, triggered uncompromising reactions among the political elites.
Conversely, if the court ruling caged the CBN, the nation would have been in crisis as well as politicians, with just 48 hours to go for the presidential election, they would have been throwing physical cash around to induced voters.
Already, Nigerians are gradually beginning to buy into the policy, following staggering revelations made by the CBN Governor, Godwin Emefiele that over ₦500 billion have been recovered, and equivalent amount of money is still trapped outside the system.
Knocks On Government
The inability of the federal government and the CBN to adequately sensitised the Nigerian populace, created the untold hardships they are presently confronted with.
The lackadaisical posture of the Minister of Finance, Zainab Ahmed in all of these, puts a question to the whole exercise.
The government have become too weak to put functional institutions that would help to ensure the full implementation of her policies.
Till date, the CBN is yet to figure out where the current lapses in the new banknotes lies, especially as it regards the distribution of the new naira notes by commercial banks.
However, Nigerians were of the hope that the crisis generated by the CBN policy would fizzle out at the end of our new democratic journey.
