President Muhammadu Buhari has thrown Central Bank of Nigeria (CBN) Governor Godwin Emefiele under the bus, amid a severe cash crunch that has crippled businesses and commerce in Africa’s largest economy.
On March 3, 2023, the Supreme Court ordered that old and new banknotes should coexist until December 31, while ruling on the prayers from a cast of powerful state governors, amid a cash scarcity caused by the federal government’s Naira redesign policy.
However, old banknotes are still rejected across Nigeria in stalls and markets.
The apex bank and the Buhari presidency are yet to obey the Supreme Court’s directive on the use of old banknotes; and long queues are still visible across commercial banks in Nigeria, with black marketers profiteering from the crisis and putting up the Naira for sale at exorbitant prices.
Public commentators and the general public have put the sufferings at the feet of Buhari and CBN Governor Emefiele for not obeying the court’s ruling.
“It is wide of the mark to blame the President for the current controversy over the cash scarcity, despite the Supreme Court judgement. The CBN has no reason not to comply with court orders on the excuse of waiting for directives from the President,” President Buhari’s spokesperson Garba Shehu says in a statement.
According to Shehu, at no time did Buhari instruct CBN Governor Emefiele and his Attorney General Abubakar Malami, not to obey the Supreme Court ruling.
“The Presidency wishes to react to some public concerns that President Muhammadu Buhari did not react to the Supreme Court judgement on the issue of the N500 and N1,000 old currency notes, and states here plainly and clearly that at no time did he instruct the Attorney General and the CBN Governor to disobey any court orders involving the government and other parties.
“Since the President was sworn into office in 2015, he has never directed anybody to defy court orders, in the strong belief that we can’t practise democracy without the rule of law and the commitment of his administration to this principle has not changed.
“Following the ongoing intense debate about the compliance concerning the legality of the old currency notes, the Presidency therefore wishes to state clearly that President Buhari has not done anything knowingly and deliberately to interfere with or obstruct the administration of justice.
“The President is not a micromanager and will not, therefore, stop the Attorney General and the CBN Governor from performing the details of their duties in accordance with the law. In any case, it is debatable at this time if there is proof of willful denial by the two of them on the orders of the apex court.
“The directive of the President, following the meeting of the Council of State is that the Bank must make available for circulation all the money that is needed and nothing has happened to change the position.
“It is an established fact that the President is an absolute respecter of judicial process and the authority of the courts. He has done nothing in the last eight or so years to act in any way to obstruct the administration of justice, cause lack of confidence in the administration of justice, or otherwise interfere or corrupt the courts and there is no reason whatsoever that he should do so now when he is getting ready to leave office.
“The negative campaign and personalised attacks against the President by the opposition and all manner of commentators is unfair and unjust, as no court order at any level has been issued or directed at him.”
Emefiele had repeatedly claimed that he’s got Buhari’s backing on a controversial currency redesign policy that has unleashed untold hardship on the masses.
During a nationwide broadcast on February 16, President Buhari announced that the cash redesign policy would curb vote buying and put corrupt politicians out of business.