The Lagos Chamber of Commerce and Industry has said that the Supreme Court’s order that the old N200, N500 and N1,000 notes remain in circulation as legal tender until the end of the year will bring much relief to millions affected by the naira redesign crisis.
According to a statement by the LCCI, the court ruling came at a time the President, Major Gen Muhammadu Buhari (retd) refused to heed the pleas of Nigerians and show more sensitivity to the plight of millions of people by not allowing the old notes to circulate for a more extended period.
The statement added that the court ruling highlighted the unlawful use of executive powers by the President, which inflicted unprecedented economic hardship on the citizens by denying them ownership of and access to their money.
The chamber noted that some cash-strapped citizens had to engage in barter to survive, while many innocent people were harmed when protests triggered by the cash scarcity turned violent.
The statement read, “The Central Bank of Nigeria had claimed the redesign was to rein in excess cash, fight crime and kidnapping, prevent vote-buying, and address inflation and counterfeiting.
“CBN was, however, insensitive to the associated disruptions to payments, banking, commercial and economic activities and the untold hardships the policy would visit on millions of ordinary Nigerians, whose livelihoods depend on the use of cash, despite strident warnings from the LCCI about these foreseeable downsides to the policy.”
According to LCCI, the court ruling in many ways brings to light the fact that the naira redesign did not follow the correct process as the president had failed to consult the National Council of States, Federal Executive Council and the National Economic Council before directing the CBN to introduce new Naira notes.
“The LCCI urges all concerned to uphold the rule of law by ensuring only lawful options that respect and protect the rights of the populace are considered in pursuing varied objectives of payment policies in the future,” it further stated.
