…..NLC gives CBN, FG seven working days to end cash crunch
The leadership of the Nigeria Labour Congress has issued a seven-day ultimatum to the Federal Government to end the cash crunch in the country.
President of the Nigeria Labour Congress, Comrade Joe Ajaero issued the ultimatum on Monday in Abuja, at the opening session of the Central Working Committee (CWC) meeting of the labour union.
Ajaero, who frowned at the difficult situation foisted on Nigerians as a result of the cash swap policy of the Federal Government, warned that on the expiration of the seven days, workers would be directed to stay away from work if nothing is done to ameliorate the situation.
The NLC president equally criticised the current fuel scarcity in the country, lamenting that workers and Nigerians are being pushed to the wall.
“On this issue of fuel scarcity and cash crunch, Congress wish to inform the Federal Government that we will no longer keep quiet.
“NLC is giving the CBN and the FG seven working days, if they fail to do the needful at the expiration of the seven days, all workers in Nigeria should stay at home,” Ajaero stated before the meeting went into a closed-door session.
Daily post
At Last, Buhari, CBN bow to pressure, order use of Old #500, #1000 Notes
The Central Bank of Nigeria (CBN) on Monday disclosed that the old N200, N500 and N1000 notes remain legal tender until December 31, 2023.
CBN spokesperson, Isa Abdulmumin, who announced the development in a statement, stressed that the apex bank has ordered commercial banks to dispense and accept the deposit of old Naira notes.
The statement reads: “In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023,” the statement reads.
“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.
“Consequently, all concerned are directed to conform accordingly.”
PRESIDENT BUHARI NEVER TOLD AG AND CBN GOV TO DEFY SUPREME COURT ORDER
The Presidency wishes to react to some public concerns that President Muhammadu Buhari did not react to the Supreme Court judgement on the issue of the N500 and N1,000 old currency notes, and states here plainly and clearly that at no time did he instruct the Attorney General and the CBN Governor to disobey any court orders involving the government and other parties.
Since the President was sworn into office in 2015, he has never directed anybody to defy court orders, in the strong belief that we can’t practise democracy without the rule of law and the commitment of his administration to this principle has not changed.
Following the ongoing intense debate about the compliance concerning the legality of the old currency notes, the Presidency therefore wishes to state clearly that President Buhari has not done anything knowingly and deliberately to interfere with or obstruct the administration of justice.
The President is not a micromanager and will not, therefore, stop the Attorney General and the CBN Governor from performing the details of their duties in accordance with the law. In any case. it is debatable at this time if there is proof of willful denial by the two of them on the orders of the apex court.
The directive of the President, following the meeting of the Council of State. is that the Bank must make available for circulation all the money that is needed and nothing has happened to change the position.
It is an established fact that the President is an absolute respecter of judicial process and the authority of the courts. He has done nothing in the last eight or so years to act in any way to obstruct the administration of justice, cause lack of confidence in the administration of justice, or otherwise interfere or corrupt the courts and there is no reason whatsoever that he should do so now when he is getting ready to leave office.
The negative campaign and personalised attacks against the President by the opposition and all manner of commentators is unfair and unjust, as no court order at any level has been issued or directed at him.
As for the cashless system the CBN is determined to put in place, it is a known fact that many of the country’s citizens who bear the brunt of the sufferings, surprisingly support the policy as they believe that the action would cut corruption, fight terrorism, build an environment of honesty and reinforce the incorruptible leadership of the President.
It is therefore wide off the mark to blame the President for the current controversy over the cash scarcity, despite the Supreme Court judgement. The CBN has no reason not to comply with court orders on the excuse of waiting for directives from the President.
President Buhari has also rejected the impression that he lacks compassion, saying that “no government in our recent history has introduced policies to help economically marginalised and vulnerable groups like the present administration.”
Garba Shehu
Senior Special Assistant to the President
(Media & Publicity)
March 13, 2023
