President Muhammadu Buhari’s decision to forbid the use of the outdated N500 and N1000 notes has been criticized by Governor Nyesom Wike of Rivers State.
Wike emphasized that Buhari’s statement was improper and expressed sadness over it.
The deadline for the exchange of N200, N500, and N1,000 was extended by the Central Bank of Nigeria from January 31 to February 10.
On February 22, the Supreme Court issued an order directing the Federal Government and the CBN to stop enforcing the deadline pending the outcome of a motion on notice regarding the matter.
However, Buhari instructed the central bank to replace only the outdated N200 notes with the new ones.
Despite the Supreme Court’s decision, Wike asserted that the President’s declaration was improper.
The governor declared: “The highest court of the land has issued a pronouncement,” during a press conference. The use of the old naira note should not be impacted, according to the Supreme Court.
“I believe that the President’s declaration is inappropriate, and I am not pleased.
This demonstrates yet another way in which we disobey and disrespect the law. At this point, the President’s advisors would have informed him that “This matter is litigated and any action you take will, in one way or another, affect the Supreme Court’s (stance).”