The Speaker of the House of Representatives, Hon. Femi Gbajabiamila, has hailed the decision of the Supreme Court, which disannulled the deadline for the currency policy introduced by the Central Bank of Nigeria (CBN) and extended it to 31st December 2023.
Gbajabiamila noted that, by the decision, the apex court has once again proved that it’s the highest court of justice in the land.
He said the House had criticized the implementation of the policy as it went contrary to the law establishing the CBN, and that the Supreme Court’s decision has validated the position of the House.
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In a press statement on Friday, Gbajabiamila said “It has always been the position of the House of Representatives that, despite the noble intentions behind the currency exchange policy, the design and implementation of the policy have been fatally faulty and opposite to the ends of law and public policy.
The decision of the Supreme Court suspending the currency exchange policy introduced by the Central Bank of Nigeria (CBN) and extending the implementation deadline to December 31, 2023, validates the position of the House in its fullness.
Describing the implementation of the policy as ‘remarkably erratic’, Gbajabiamila stated that it fell way short of international standards.
It deviated from the previous practice of the Central Bank of Nigeria (CBN) without providing any benefits to the Nigerian people or the economy of Nigeria, both of which have suffered significant detriment as a result.
He said the CBN “must regard the apex court’s judgement and act rapidly to give it full effect. This is necessary to reverse some of the damage done to our economy and prevent the continued suffering of the Nigerian people.
Gbajabiamila commended the governors of Kaduna, Kogi and Zamfara as well as their other associates, for approaching the apex court to make a decision on the matter, describing their action as ‘the right thing to do’.
It showed their collaborative bonding to the rule of law and their determination to take bold actions that serve the best interests of the Nigerian people.
