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“In extreme cases, deaths of members have occurred where families could not have access to their money in banks to buy drugs or pay hospital bills.”
Legal fireworks expected on Wednesday in the Supreme Court, in the case filed by Kaduna, Kogi and Zamfara States against the Federal Government, on the terminal date of the use of the old naira notes, are in abeyance, as the matter was further adjourned till the 22nd of February. But the court seems to have affirmed its earlier ruling on the old currency notes as remaining as legal tender. This followed a complaint by the counsel to the three states that the order had flagrantly been observed in the breach. It is no ode to this regime with its notoriety of executive lawlessness and disregard for the rule of law. Nigeria is a democracy, not a banana republic, and it should be seen to be truly so.
With official diffidence and aversion to do what is right, fit and proper with the redesign and circulation of the new naira notes, most Nigerians will gasp for breath for a longer time in the unending vortex of confusion and extreme hardship. This monetary policy of the Central Bank of Nigeria (CBN), as sanctioned by the Federal Government, is a project gone bonkers! Sadly, there is no other way to put it. Mopping up N2.7 trillion from circulation, and returning only a measly N300 billion to the economic space, with an additional N200 billion planned injection as tension mounts, will not work. At best, it would barely scratch the surface of national cash needs.
In extreme cases, deaths of members have occurred where families could not have access to their money in banks to buy drugs or pay hospital bills. Surreal videos of disconsolate male and female in full nakedness in bank halls, in expression of their frustration of not having access to their money have gone viral in social media.
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