Clash of the Titans over new naira policy

failed to enforce the order of the apex court with respect to the new policy, the court would give a marching order to the federal government to unconditionally comply with its decision. The adjournment by another one week to February 22 for the case to be heard the dashed anxiety of the populace, just like the outcome of the council meeting.

However, the nationwide broadcast by President Buhari early Thursday morning before jetting out to Addis Ababa for AU Summit was intended to douse the heightened anxiety on when the naira crisis will abate. Feelers, however, suggested that it was a mixed grill. To some Nigerians, the president has provided some relief with his approval of N200 to be brought back into circulation for sixty days. Some others, however, felt that it should have been a holistic lifting of ban on the entire currency notes.

The surprise, if not irony, in the whole episode is the fact the opposition to the naira policy is being led by APC chieftains, while their counterparts in the opposition parties have given a nod to the policy. For instance, at the level of the governors, Edo and Bayelsa governors, who are members of the opposition Peoples Democratic Party, PDP, have lined up behind the federal government while the rank of APC governors opposing the policy initiated by the ruling party has continued to swell. At the last count, Niger, Kano, Lagos and Ogun had joined the league of states that are up in arms against the policy.

Reports said the governors, who are clearly not happy with the refusal of the CBN to reverse its decision had taken it upon themselves to enforce the Supreme Court order by warning indigenes and resident in their states to continue to use the banned notes as legal tender.

APC presidential candidates, Bola Tinubu was the first to raise issues with the naira redesign when at a rally in Abeokuta recently, he said the policy was meant to affect the electoral fortunes of the ruling party negatively, but swore that he was unstoppable. His spokesmen were later to rationalize that the candidate’s anger was directed at the CBN governor and not President Buhari.

Taking a cue, El Rufai who has been in the forefront of criticisms of the policy alleged during the week that some retired generals and those who failed primary elections were the brain behind the new Nigeria policy to scuttle the general election and pave the way for an interim government. This view has resonated around the APC governors camp.

But for the PDP and the Labour parties, their spoken and body language has been that of consent and approval. Both Atiku Abubakar and Peter Obi of PDP and LP respectively have lauded the policy, though to the criticism of the APC.

President Buhari in the Thursday broadcast said he was pained by the unintended outcomes of the new currency policy, explain, however that the country would be better for it in the long run. He listed the gains to include reduction of the influence money in the nation’s electoral process.