OLD NAIRA: Economists advise Buhari, CBN to obey S’Court

Economic experts in Nigeria have asked President Muhammadu Buhari to direct the Governor of the Central Bank of Nigeria, Godwin Emefiele, to obey the Supreme Court’s judgement.

A financial expert, Gbolade Idakolo said this in an interview with DAILY POST on Friday.

Idakolo said President Muhammadu Buhari should immediately direct the CBN governor to revert to the status quo on the validity of the old naira notes.Information Guide Nigeria

According to DAILY POST, he said: “This is a welcome development; the naira redesign policy has shrunk the economy by over a trillion in business losses. Many SMEs have closed shops due to their direct dealings with cash. The policy increased hardship to the stressed population, and the Supreme Court judgement is a high relief.NYSC Portal

Other Top Stories:

“The pronouncement of the President-elect and his PCC members have already stated that he would reverse the policy. The President should immediately direct the CBN governor to revert to the status quo ante.”

Another economist, Paul Alake wondered how the N2.1 trillion allegedly withdrawn by the Central Bank of Nigeria would be re-circulated.

According to him, the judgment would not be impactful if the old notes were not released by the CBN back into the banking system.

DAILY POST reports that he said, “Here is the question, where is the money? It has been said old and new notes could be spent concurrently. Recall that the Central Bank of Nigeria said N2.1 trillion has been withdrawn from the economy.

“Would there be a way to enforce that old naira notes are circulated into the economy again? What the court has said is clarity on who will release the old naira notes back into the financial systems.

“If the money is not released in the financial sector by the Central Bank of Nigeria, the judgement may not have any effect.”JAMB Result

Check JAMB Result