Old Naira Notes: Experts Hail Supreme Court Order

Financial and economic experts have lauded the Supreme Court's order of invalidating the naira redesign policy of the Central Bank of Nigeria (CBN).

The apex court on Friday invalidated the naira redesign policy, ordering that all old notes must remain legal tender till December 31.

In an interview with NAN on Saturday in Ibadan, a financial expert, Lolade Adesola, said she believes that the policy is “politically minded to curb vote-buying”.

Adesola said: “It was done to prevent vote-buying; though, there is still governorship and state Houses of Assembly elections, where the greatest vote-buying happens.

“But, apart from that, there is no reason again for us to rush things.

"The Supreme Court’s judgement is, no doubt, good.”

Also, an economic expert, Samson Olalere said those insinuating that the policy was targeted toward the Presidential and National Assembly elections could now be absolved.

“I see the judgement as a political judgement. They just wanted peace to reign knowing that CBN too was not ready because they didn’t have the new notes.

“So, the best thing to mitigate this issue is for the court to give a judgment that will ease the pains of the people.

“Now, there will be peace in the society, because CBN can now bring back the old notes and people can get the money in the banks, which will ease the trouble in the economy to a large extent,” Olalere said.

Commenting, an ex-banker, Philip Aragbada said the judgement must be obeyed by CBN lest the apex bank commits an offence that could distabilise the nation.

“For anybody to disrespect the final judgement of the Supreme Court is a very serious thing that can lead to anarchy; even a layman knows that in any country.

“By this judgement, the CBN Governor is bound to obey the judgement so that he will not be indicted,” he said.