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Cash Crunch: The Brunt Of Executive Arrogance By Buhari, Emefiele

On Saturday, March 11, a popular radio presenter with Ibadan-based, Fresh FM Nigeria, Baba Bintin, reportedly died after he slumped on his way to the radio station for his programme. 

His death was announced during a radio program by the ace radio twins, Komolafe Olaiya and Olalomi Amole. Earlier during the day, the duo spoke about the unusual lateness of the presenter to the studio. 

Unfortunately at the end of the programme, the presenters announced that he died while trekking from Amuloko to Fresh FM at Challenge with the hope of getting Point Of Sale (POS) agent to get cash.

Like the presenter, many Nigerians have been through a roller coaster of emotions as a result of the cash crunch across the country. Weeks after the Supreme Court extended the validity of old naira notes till December 2023 and faulted the naira redesign policy by the Central Bank of Nigeria (CBN), declaring the naira notes swap implementation invalid and an affront to the 1999 Constitution, President Muhammadu Buhari and Godwin Emefiele keep mum. 

The apex court judgment came after three northern states of Kaduna, Kogi, and Zamfara approached the judiciary regarding the naira notes redesign brought to their people and asked for a reversal of the policy.

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The CBN announced last year the redesign of 200, 500, and 1,000 naira notes, and plans to end the use of the old notes by 31 January 2023. Following scarcity of the new notes, Buhari extended the legal tender status of the old notes till February 10. 

Though the court issued an interim order suspending the implementation of the deadline set by the federal government, and directed that the old and new notes should continue to circulate pending the resolution of the case, the CBN insisted that the old notes had stopped being legal tender after February 10.

Two weeks ago, a judgment was delivered and the apex court ordered extension till December. The court said Buhari and Emefiele acted Ultra vires by his glaring failure to consult with the National Council of States, Federal Executive Council, and the National Economic Council before directing CBN to unlawfully introduce new Naira notes.

The seven-man panel held that the unconstitutional use of powers by Buhari on naira redesigning has breached the fundamental rights of Nigerian citizens in various ways, saying such power is not permitted under democracy. 

Although states governors have given the CBN Tuesday ultimatum to ensure that Nigerians do not continue to suffer amid confusion, President Buhari also denied asking CBN to disobey court orders.

In a swift reaction to this, CBN on late Monday evening says old notes are now legal tender.