By Abiodun
The masses are complaining about the insistence of the Governor of the Central Bank on the January 31st deadline for the return of the old notes to the banks. At the unveiling of the new naira notes at the State House on November 23, 2022, the CBN Governor, Emefiele told journalists that the January 31 deadline was sacrosanct.
But as the deadline draws closer, the general public has been mounting pressure on the CBN for a review of the policy and the extension of the deadline, but the apex bank yesterday reiterated that there was no going back on the January 31 deadline for old naira notes.
The CBN’s insistence came as the presidential candidates of the APC, Bola Ahmed Tinubu, Peoples Democratic Party (PDP), Atiku Abubakar; the Nigerian Bar Association (NBA), the Arewa Consultative Forum (ACF) and Arewa Youths for Development and National Unity (AYDNU) joined the growing list of Nigerians and groups calling for a review of the policy and the extension of the deadline.
Reacting to reports of long queues of people waiting for hours for their turn to deposit old notes and get new ones, which have triggered public anger, President Buhari, in a statement issued yesterday by his spokesman, Mallam Garba Shehu, insisted that the currency swap had also become necessary to prevent counterfeits, corruption, and funding of terrorism.
What is the essence of making laws and orders if the masses that would allegedly be the greatest beneficiaries are complaining and demanding an extension? By the principle of jurisprudence as opined by Marcus Cieciro, who opined that any law that is in conflict with reason is null and void. In fact, Aristotle says an unjust law is no law.
Section 2b and Section 17 of the CBN act gives the CBN the sole right to issue currency notes and coins throughout Nigeria and neither the Federal Government nor any State Government, Local Government, other person or authority shall issue currency notes, banknotes or coins or any document or token payable to bearer on demand being document or token which are to pass as legal tender. Section 18 of the CBN act also gives CBN the power to print banknotes and mint coins.
Section 20(3) of the CBN Act states thus: “Notwithstanding Sub-sections (1) and (2) of this section, the Bank shall have power, if directed to do so by the President and after giving reasonable notice in that behalf, to call in any of its notes or coins on payment of the face value thereof and any note or coin with respect to which a notice has been given under this Sub-section, shall, on the expiration of the notice, cease to be legal tender, but, subject to section 22 of this Act, shall be redeemed by the Bank upon demand.
On whether the period of November 23 2022 to January 31 2023 could amount to a reasonable time for the population of more than 200 million people to change their monies, in Barrister Amanda Pam & Anor v. Nasiru Mohammed & Anor (2008) 5 – 6 SC (Pt.1) 83, it was stated that:Â
“Reasonable time in its nebulous content cannot be determined in vacuo but in relation to the facts of each case because what constitutes a reasonable time in each case may not constitute reasonable time in another case”.Â
And in Moses Abiegbe & Anor v. Edhereniu Ugbodume & Ors (1973) 1 sc 103 it was stated that:Â
“What is a reasonable time to do some act or acts depend on many circumstances for different occasions”.
In A. ARIORI & ORS v. MURAINO B.O. ELEMO & ORS (1983) LPELR-552(SC) “Reasonable time” must mean the period of time which, in the search for justice, does not wear out the parties and their witnesses and which is required to ensure that justice is not only done but appears to reasonable persons to be done.
Relying on the principle of law on what constitutes a reasonable time, the period of 49 working days giving by CBN for submission of old naira notes amounting to trillions of naira is not reasonable for the teeming populace and those in the rural areas would be the worst hit.
We have uncountable villagers who do not know the essence of banking, they never participated in anything that involves banking in their entire life, to ascertain this fact, the federal government under the Ministry of Humanitarian Affairs also doles out cash to the rural dwellers in form of cash transfer.
Only God knows how they are feeling now, in a situation where an ordinary keke Napep driver is rejecting the old notes and demanding for new ones where no one knows how much is in circulation.
By the principle of jurisprudence as opined by Marcus Cieciro, who opined that any law that is in conflict with reason is null and void. In fact, Aristotle says an unjust law is no law.
It is important to state that this is not the first time Nigeria would be changing currency, the hullabaloo on the decision of the current CBN under Emefiele points to the direction of his inefficiency.
Rumour had it that the essence of insisting on the January 31 deadline is to curb vote buying, it has always been my position that only technology can be used to curb electoral malpractices and this time around, the use of BVAS as a game changer will help in sanitizing our electoral system.
What orientation can one give to anyone that is hungry? The rural dwellers who have not seen anyone dashing them N10k before will surely fall for vote selling. The economy is really bitting hard, and the Federal Government’s reason for the insistence on the January 31st deadline cannot hold water.
What even guarantees that vote buying cannot be bought by electronic transfer? Every vote buying is local and will surely play a significant role in the forthcoming election because there is hunger in the land.
Section 16(a) The State shall direct its policy towards ensuring the promotion of a planned and balanced economic development. If the above provision is to go by, the Federal Government has failed in its responsibility of promoting good government and the welfare of all persons in the country, on the principles of freedom, equality and justice, and for the purpose of consolidating the unity of our people.
In Aisha Yesufu’s voice, no Nigerian is more important than another Nigerian. The people in the rural areas deserve the same enjoyment those in the urban areas are enjoying in terms of economic distribution.
Without mincing words, the pressured 10 days extension further granted by the CBN cannot do the magic because some ATMs are still rolling out the same old note. Achieving a seamless integration is not rocket science. The CBN must go back to the drawing board and not make a policy to fight political scores.
Professionally, law and order should have nothing to do with sentiment and emotion, but must be for the total good of the people. The CBN emperor must act and live in accordance with rule of law and not be seen as a weapon of political instrument.
Abiodun writes from Abuja. His a Final Year Law Student, Baze University
