Naira Swap Policy: Why Edo Is Backing CBN In Court — AG, Iyamu

The Edo State Government has said the need to make legitimate cash available to the ordinary citizens and prevent the flooding of the nation with massive quantities of old notes which have been allegedly stockpiled in anticipation of the forthcoming elections made it join the Supreme Court suit.

In a statement on Thursday by the Attorney General and Commissioner for Justice, Oluwole Iyamu, he said it was not true that the plaintiffs in the case had suddenly become the people-loving patriots they presented themselves as.

“The object of the suit is to create a legal opening to flood the nation with massive quantities of old notes which have been stockpiled in anticipation of the forthcoming election.

“The position of the Edo State Government is that what is required is the availability of legitimate cash for our ordinary citizens. Pressure needs to be brought on the CBN and the Federal Government in this regard.

“The Supreme Court suit as presently constituted only serves the interest of the ruling party faction which believes that huge infusions of illicit cash can aid their electoral fortunes.

“We do not consider it our duty to assist these illicit interests by supporting their suit. The reality is that as of today, most legitimate N200, N500 and N1,000 notes have been deposited. The real problem is the availability of replacements from the banking system.

“Our intervention to seek adjustments in the implementation process is already yielding fruits despite the strident cries and inflammatory rhetoric of those born-again people advocates who disguise their malevolence as concern for the masses,” the AG said.

The AG said Edo’s position which the government believed was in line with the best wishes of the people shall be vindicated in few days.

Recall that the Supreme Court sitting in Abuja on Wednesday adjourned a hearing in the suit banning the use of the old naira to Wednesday, 22nd February 2023.

Three states filed the suit against the Federal Government seeking a restraining order to stop the full implementation of the naira redesign policy of the Central Bank of Nigeria.

In a new development, nine states had filed to join the suit initially filed by Kogi, Kaduna and Zamfara states.

The states are Katsina, Lagos, Cross River, Ogun, Ekiti, Ondo and Sokoto states bringing the new total of plaintiffs to 10.

On the other hand, Edo and Bayelsa had filed to be joined as respondents.

The seven-man panel led by Justice John Okoro ordered them to amend their processes to be heard as one.

Meanwhile, pending the hearing, the order by the apex court to suspend the ban of the now older 200, 500 and 1000 naira notes subsists.

However, the President, Muhammadu Buhari, in his address on Thursday said only the old N200 note would still remains as legal tender till April 10, while the N500 and N1000 ceased to be legal tender.