Naira Scarcity: Will Tinubu Move To Reverse CBN’s Policy?

Following the completion of the 2023 general election, there is a high expectation that various issues including the naira crisis, and fuel scarcity, among others, would quickly be addressed to ease the sufferings of the masses.

The presidential poll which saw the All Progressives Congress, APC’s candidate, Bola Ahmed Tinubu, and his running mate to victory has given Nigerians a glimmer of hope that the Central Bank of Nigeria, CBN would as soon as possible ensure the nationwide circulation of cash.

President-elect Tinubu has earlier before the polls, reportedly called on governors nationwide to disregard the CBN’s order that N500 and N1,000 notes are illegal tenders.

Recall that the incumbent President of Nigeria, Mr. Muhammadu Buhari announced in a state address on February 16 that the old N1,000 and N500 notes were no longer legal tender and that his regime would only reissue the old N200 note, initially outlawed, until April 10.

Consequently, the announcement was met with widespread opposition from governors, including Governor Nasir El-Rufai, Governor Abdullahi Ganduje, and House of Representatives Speaker Femi Gbajabiamila, who stated defying the Supreme Court’s ruling to maintain the status quo was an invitation to anarchy.

In a circular shared on Friday by an APC presidential campaign spokesperson Dele Alake, the former Lagos governor urged “friendly governors” to follow suit with Mr. El-Rufai’s and other governors’ actions disregarding Mr. Buhari’s order in compliance with the Supreme Court’s ruling.

The circular added the apex court must have the final say as globally practiced in a constitutional federation.

“All friendly governors must replicate Kaduna address immediately to assure the integrity of the SC (Supreme Court) and (the) rule of law for the local & international community. This is the essence of constitutional federation with the SC having the final say and following the USA best practice,” the circular stated.

It would be recalled that Mr. El-Rufai on Thursday accused the Buhari regime of plotting to instigate a military coup in Nigeria to avoid transferring power to a civilian administration when his tenure expires in May.

Concerned Nigerians have had a sigh of relief in anticipation of the urgent action of President-elect Bola Ahmed Tinubu who was from abinitio, alleged to be the target of the unscrupulous policy.

Nigerians, however, expect the Federal Government to heed the order of the Supreme Court consequent to the perpetual hardship brought about by the scarcity of the new naira notes.

Would President-elect Bola Ahmed Tinubu act quickly to influence the FG and the CBN?