Naira Policy: NBA Slams FG, CBN For Disobeying Court Order

The National Bar Association has condemned the stance of the Federal Government on its naira redesign policy.

The association in the statement signed by its president, Yakubu Maikyau, is demanding compliance with the judgment of the Supreme Court in suit no: SC/CV/162/2023 delivered on March 3.

The NBA disclosed that in the wake of the naira redesign policy, it engaged in broad consultations with critical stakeholders in the country in order to assess the possible impact of the policy on the economy and the people of Nigeria.

The body of lawyers said, incidentally, the CBN’s cash swap program which took effect on 23 January 2023 has not addressed the concerns of Nigerians post-31 January 2023.

The letter read in part, “It is sad and disheartening that the Federal Government and its agency, the CBN, will remain so adamant about the plight of Nigerians as a direct consequence of the implementation of the Naira Redesign Policy, in spite of several interventions for review thereof in order to ameliorate the sufferings of Nigerians, leading to the damning remarks and orders by the Supreme Court as quoted above.”

“Regrettably, not even the clear findings by the Supreme Court as to the unfair and deceptive nature of the policy could make the Federal Government retrace its steps. The Supreme Court went to the extent of not only condemning the actions of the President as contemptuous of the Court but also held that the actions constitute a threat to the Rule of Law and the existence of our democracy.”

“I commend the judgment of the apex court in this matter as it not only spoke to the responsibility of the Court to the people but also its bounden duty to protect the Rule of Law and the integrity of the Court. The Supreme Court has by this judgment proven to be the Supreme Court of the people of Nigeria.”

“Whenever public confidence in the other arms of government begins to wane, the legal profession, in particular the judiciary, must rise to the occasion by delivering justice with such courage and precision to provide succour to the people. This is what the Supreme Court has done so boldly and courageously in this instance.”

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