Tinubu in a statement issued by Mr Bayo Onanuga, Director, Media and Publicity, APC Presidential Campaign Council (PCC) on Wednesday in Abuja, said the Supreme Court ruling on the implication of Central Bank of Nigeria (CBN) re-designed naira notes and cashless policy has saved Nigeria from the political and economic shutdown.
He hailed the 36 state governors, especially the progressive APC governors, for standing on the side of Nigerians over the policy. According to the former two-term Lagos State governor, Nigerians were bearing the brunt of the policy because it was poorly implemented.
The Supreme Court in a lawsuit brought before it by the governments of Zamfara, Kogi and Kaduna States gave an interim injunction against the CBN and Federal Government.
The state governments had asked that the old N200, N500 and N1,000 naira notes remain legal tender beyond the CBN Feb. 10 deadline for the swapping of the old naira notes until the case is fully disposed of.
Tinubu said the governors, especially APC governors who instituted the suit against the CBN and Federal Government at the Supreme Court, acted well on behalf of hapless Nigerians. That the governors have saved the country from needless political and economic crises and miseries.
He noted that the Supreme Court ruling coincided with the advisory of the International Monetary Fund (IMF), urging for the extension of the deadline for the swap of the old naira notes. This, he said, was going by the problems being experienced across the country in getting the new naira notes.
He added that the Federal Government and relevant stakeholders could now work out a better framework on how to proceed with the new policy without causing any social and economic disruption and inconvenience to Nigerians.
He noted that there were examples of other countries that had successfully and seamlessly changed their currencies to learn from. He said such countries gave a long time, at least 12 months to effect the currency change, adding that they did not engage in CBN-like Fire Brigade approach.
He called on the CBN to ensure that the Supreme Court ruling was effectively executed by taking all necessary steps. This, he said, should include ensuring sufficient availability of naira notes whether old or new and properly sensitising the public to the ruling and the consequent validity of old notes.
