Sunday, March 26, 2023

Why APC Cannot Afford To Sanction Emefiele – Chieftain

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The ruling All Progressives Congress APC on Tuesday explained why it could not mete out sanction to the Governor of Central Bank of Nigeria, Godwin Emefiele, for defying the Supreme Court verdict on the controversial cash swap policy.

The scarcity of the new naira notes brought about by the CBN policy had generated tension and visited untold hardship on the masses.

In the last two months, a considerable number of Nigerians have thrown caution to the wind and invaded several banks to register their displeasures in bizarre manners.

Viral video clips of half-clad customers breaking down bank gates and threatening to beat officials have surfaced on social media space.

READ ALSO: Old Naira Notes Remain Legal Tender, Says Sanwo-Olu

The situation forced a number of states including three notable APC governors, Nasir El-Rufai of Kaduna; his Kano State counterpart, Dr Abdullahi Ganduje and Bello Matawalle of Zamfara to file a suit against Emefiele and the President, Major General Muhammadu Buhari (retd.), at the Supreme Court.

The cash squeeze created bad blood between the presidency and the camp of the APC, with many alleging that it was a subtle move to scuttle the presidential ambition of the party candidate, Asiwaju Bola Tinubu.

READ ALSO:New Naira: Buhari Didn’t Tell CBN To Disobey Court Orders — Presidency 

Consequently, the Supreme Court ruled that the old N200, N500a nd N1,000 notes should be allowed to co-exist with the new one until December 31.

cbnTrending video of the day;

Photo Credit: Getty

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