TRIBUNE
The Central Bank of Nigeria ((CBN), has justified its decision not to extend the expiry date for the old Naira notes, saying it was designed to save the nation’s democracy and to discourage vote-buying in the coming presidential election.
The Counsel to CBN, O. M. Atoyebi (SAN) and Co., gave this reasons in a counter-affidavit in a suit filed against the apex bank by a group, Social Rehabilitation Grace and Supportive Initiative (SRG) led by a Nigeria-born United States medical practitioner, Dr. Marindoti Oludare.
The group had dragged the CBN before a Federal High Court in Akure, asking the Court to compel CBN to extend the expiry date for the old Naira notes by six months, while the apex bank prayed the court to dismiss the suit, saying that the plaintiffs had no justifiable reason for filing it.
However, the CBN Counsel in the interlocutory injunction said the CBN opposed “the extension (of expiry date for old naira notes of N200, N500 and N1000) saying it will give room for vote-buying and undermine the forthcoming election.
It also added that “the extension of the timeliness will jeopardise the fight against fraud, corruption and criminal activities perpetrated with the use of the old currencies”. It specifically cited the festering kidnapping crime, claiming a change in currency notes will end it.
Countering the SRG’s reference to currency change in India in 2016 in which the group said the Indians were given enough time to replace old Indian rupees, the CBN differed in its narration of the Indian experience.
It said, “The government of India announced the change of their legal tender on November 8, 2016 and was implemented within two days.
