The Coalition of United Political Parties (CUPP) spokesperson, Ikenga Ugochinyere, believes banks and their managers who are discovered to be stockpiling new naira notes should be penalized.
The Supreme Court overturned the Central Bank of Nigeria’s naira redesign program around two weeks ago (CBN).
The policy attempted to phase out the existing N200, N500, and N1,000 notes in favor of new ones, but the apex court deemed the scheme “defective” and ruled that the old notes will continue to be valid until the end of 2023.
The apex bank subsequently agreed with the court’s stance.
Ugochinyere, a member-elect for the house of representatives praised the CBN for finally adhering to the court’s decision in a statement on Tuesday.
It’s good that the CBN, acting following the law, instructed Nigerian deposit money banks to abide by the Supreme Court’s judgment from March 3, 2023, by continuing to accept and issue the old N200, N500, and N1,000 notes through December 31, 2023.
“The people of Nigeria deserve the best and shouldn’t have to endure further hardships.
“Managers of banks who are found to hoard the new naira notes to create artificial scarcity, but are hidden in the public sphere helping money-bag politicians to get the new notes, set the public against the CBN’s new policy; such banks and bankers should be investigated, and if found guilty be made to face the wrath of the law.”
