Old notes: Mixed reactions trail Supreme Court judgement

Divergent opinions have been made by stakeholders in the energy industry about the Supreme Court’s decision to extend the usage of old Naira notes until December 31.

In separate interviews with the News Agency of Nigeria (NAN) on Saturday in Lagos, they discussed their various points of view.

According to NAN, the Supreme Court declared on Friday that the old N200, N500, and N1,000 notes will continue to be lawful cash and in use until December 31.

The Federal Government’s Naira Redesign Strategy was also declared invalid by the Supreme Court, which said it violated the Constitution of 1999.

The Supreme Court’s decision, according to Mr. Emmanuel Iheanacho, Chairman of Integrated Oil and Gas Ltd., came too soon after the recently completed Presidential and National Elections, which were held on February 25.

The purported Supreme Court decision coming at a time so close after the end of the general elections in 2023 does sound very unusual.

Is the early removal from circulation of such legal tenders connected to the dynamics of our political practice?

He said, “I’m sure this is an issue that will trouble the minds of astute political watchers.

It is important, according to Dr. Ayodele Oni, Partner at Bloomfield Law Practice, to highlight that the Supreme Court’s initial jurisdiction was unambiguous and explicit.

He claims that the original jurisdiction is not applicable to the case.
“To appear to act in accordance with that would be to continue the exploitation of the legal system and create a dangerous precedent for the future.

“Going forward, any laws and decisions that are politically divisive or have an impact on politicians will be seen as being inside the Supreme Court’s original jurisdiction.

“For instance, INEC’s purported non-compliance with the IReV has now gone before the top court, being a disagreement between the Federal Government and the disgruntled politicians holding gubernatorial seats, which generally should amount to an abuse of judicial procedure,” he added.

Yet he said that the ruling may subsequently serve as a model.
“Despite the above, the CBN is not now required to comply with the order since it has been sweeping up old notes and because it was not involved in the Supreme Court lawsuit.

“I wonder whether this decision isn’t already meaningless.

Oni said, “It is interesting to note that today, March 3, the Supreme Court made the extremely troubling judgment that CBN is an agency and need not be joined before its policy will be placed before the supreme court in a similarly ludicrous case.

The Independent Petroleum Marketers Association’s (IPMAN) Mr. Mike Osatuyi, National Operations Controller, praised the Supreme Court’s decision.

Osatuyi, however, said that the members of lPMAN will follow the court ruling while “waiting for a direction from the Federal Government”.

We are law-abiding marketers at IPMAN, and we are prepared for whatever the orders are. “The order has just been issued; let’s await the government’s answer before taking any more action,” he added.

The National Coordinator of Where Is The Light, Mr. Sina Odugbemi, said that the Supreme Court did not err by delaying the announcement of its decision until after the presidential elections.

Odugbemi asserts that there are several interpretations that might be made of the verdict.

“We had elections last week and saw the results; we’ll have another one next week, and you’ll be able to see the difference.

“It will be made abundantly evident what part money plays in elections. This will be the most important lesson, if there is one to learn.

“The policy has not entirely achieved its purpose, and all the pain that the ordinary man has endured has been in vain.

He said, “The failure of the purpose also highlights the difficulty of replacing the existing system.
According to the electricity expert, the Supreme Court’s decision will undoubtedly relieve millions of Nigerians who had endured unimaginable misery.

The politicians who are intent on buying votes are the true victors in this entire ordeal, according to people who claim to have money stored away.

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  1. This is all politics and i must say that APC played well, they had a master plan already and Nigerians ccouldd not read ahead.

    Lets go back in time, you will remember that the CBN governor also ran in the Apc primaries for the post of president paying the sum of ten million alongside other contestants..and they all lost.

    1. Now despite the economic condition of the country that time, this men were able to produce ten million naira to purchase the partry form for the presidential post…….anyhow, Emefiele lost the primaries after the delegate buying by “you know who” and not long after, he kicked off the naira redisgn policy…and Nigerians in our usual manner took it not too serious.

      1. Finally, the new money was shot into the economy, and not up to one month after its full recognition in the country, the new notes became scarce and POS agents started selling the naira for exorbitant prices even in Nigeria…….different rumours and gists started spreading ofpoliticians hoarding money,of the cbn not been able to balance the amount of new notes punped into the economy with the amount of old notes collected….different news everywhere

        1. One particular news Nigerians believed was that of Buhari promising us a free and fair election and one of the ways of ensuring a free and fair election was by curbing vote buying and changing the naira would sto politicians who had stocked old notes in their homes from buying votes as nobody would like to collect old notes…this was what we thought, politicians of the ruling party even came out to protest…the presidental candidate of the ruling party even protested….everything was scripted and we nigerians acted just as they expected.

          1. Nigerians got frustrated….for the first time our naira was scarce and we had to pay to purchase our own money..we had to pay exorbitant prices….banks didnt have money, bank apps started malfunctioning….riots started and soon, people were killed…a typical nigeria

  2. With all these we comforted ourselves with the belief that the elections would be run justly……what we failed to note was that we were dealing with a very corrupt party and unavoidably playing their game te way they wanted it…..Buharis promise was just for promise sake… the background, INEC had been bought already by the APC….the naira redisgn had been issued to prevent other opponents from rigging while APC had bought INEC.

    1. The eleections came and we all saw what happened…from a party that claimed they had structure it is so embarrasing…the ruling party and their major opposition in the last eight years resulted to rigging harrasment, violence, snatching of ballot boxes, fights, riots etc…..the INEC which we all had expected to be ready for the election arrived at some polling units late…and some polling units didny smell any inec officials at alll……..all these was just part of the plan to favour the ruling party.

      1. Hours into the election, BVAS and the IREV portals stopped working…an election that the inec chairman had spent over 300 billion on, with four years of preparation….all just to favour the ruling party.

        Lets not talk about the goverors that had gone out themselves to rig elections in their state for the apc, people that had been caught with money, new notes…billlions of new note to buy votes….new notes that had been scarce….

        1. Examining al these, was it really worth it…yes politics is a game of tactics and plan but was the plan used right??…people lost their lives due to this money redesign….lots of money were lost to….all just because someone wanted to rule Nigeria by all means because he felt it was his turn….why not channel all tis energy towards sensitizing your members and the people since you claimed that ou have structure….why not ensure that the boys you sent to snatch ballot boxes had been given their PVCS and had voted for you…..why go soo low and put the lives on many people in danger because you wanted power??….was the game played worth it….couldn’t it have been played in a better civil way?

          1. Lets take a flashback to when the hundred naira notes were redisgned….remember vividly that they were not just stopped to beimg in the economy rather, they were gradually replaced with the new ones…gradually and then before we knew it, the new notes were everywhere and the old notes had gone….CBN and the ruling party as well as inec put Nigeria in chaos.
            God helpus because even now, there is still no money in the economy.

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