The cash situation in banks within the Federal Capital Territory has not improved.
This is against the backdrop of the Supreme Court judgement last Friday that saw an extension of the validity of the old 500 and 1,000 naira notes till December.
It’s the first working day after the Supreme Court ruled that the old 500 and 1,000 naira notes remain valid till the end of the year.
Many bank customers had trooped to the banks early this morning hoping to get some cash but were disappointed.
They say the situation has become unbearable and they worry about why the situation persists despite Friday’s ruling.
They appeal to the authourities to help the situation , which has made life difficult as online transactions have not been very encouraging and electronic transactions are not even accepted for some purchases.
The Apex bank has yet to formally react to the supreme court judgement.
RESIDENTS REACT ON SUPREME COURT NAIRA POLICY
Mixed reactions have continued to trail the supreme Court Judgment on the redesign naira note by the Federal Government Policy.
Some residents of Imo commended the apex court for the reintroduction of the old currencies.
Nigeria’s Supreme Court has ruled that old banknotes remain legal tender until the end of the year, bringing relief to millions affected by a chaotic redesign of the naira notes.
Most Residents in Owerri say the judgment has brought relief to the suffering which many were subjected to since by the new policy began.
Some who commended the justices believe the new policy checkmated crimes and criminality within the period.
Many households were affected by the new policy as people crowded most Banks in search of the new currency.
Buhari should make a statement on Naira redesign Judgment – Group
The silence by President Muhammadu Buhari and the Central Bank of Nigeria on the judgment by the Supreme Court invalidating the Naira Redesign Policy has been described as deafening.
Dr Marindoti Oludare, convener Social Rehabilitation Group, disclosed this while reacting to the Supreme Court Judgment on the issue.
He said the failure to speak on the issue is disconcerting and the President has no other choice than to comply with the judgment.
He added that the Supreme Court having no power to enforce the judgment is at a disadvantage on the issue.
According to him, the Legislature now has the responsibility to let the President now that what he is involved in is gross misconduct which can lead to his impeachment.
Going further, he said Lawmakers do not have to be the stooge of the executives at all times.
Mr Marindoti said the issue of whether or not to obey the Supreme Court should not even come up in a Constitutional Democracy.
He urged the Supreme Curt to hold the President, Muhammadu Buhari, the Attorney General and the Central Bank of Nigeria’s Governor in contempt of Court over the matter.
He urged the President to direct the Central Bank of Nigeria to release Money into circulation adding that all the reasoning behind the Policy of Currency confiscation has fallen flat.
He asked why the Federal Government thinks removing 77 percent of the currency in circulation will not have a detrimental effect on Businesses and the Economy.
Mr Marindoti said the policy has made it difficult for ordinary Nigerians to survive.
The Policy added to Other Economic Policy of the Buhari administration according to him has almost put the Economy on its knees.
He said the policy has created a sort of quasi hoarding of cash or spending by the people adding that the buying of currency is the highest form of corruption anybody can be involved in.
He urged the President to put a stop to the suffering of the people which seems to be immaterial to President Buhari.
Apologising to the people will be meaningless unless backed by the right policies to ensure that the hardship comes to an end.
Mr Marindoti disclosed that many people have suffered untold hardship simply because they do not have a bank account or have no access to transfers.
Citing the experience of his father who is a medical Doctor, he said many Nigerians have been unable to do the basics including paying for medical bills that have resulted in fatalities all in the name of stopping vote buying or corruption which have now both been elevated from their former level.
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