ACF, Ohanaeze, Afenifere, others tackle Buhari over naira redesign policy
Written by Taiwo Adekola on March 13, 2023
AREWA Consultative Forum, ACF, has told President Muhammadu Buhari that the much-touted benefits of the naira redesign policy can never justify the damage to his credentials as a democrat and a stickler for the rule of law.
ACF’s statement came on a day Ohanaeze Ndigbo expressed a similar sentiment, asking the federal government to implement the Supreme Court judgment which ordered that the old N500 and N1000 circulate with the new notes.
Secretary General of ACF, Murtala Aliyu, who noted this in a statement yesterday, said the policy had led to runaway inflation in food and other commodities.
Recall that the Supreme Court had ten days ago, held that President, Muhammadu Buhari breached the Constitution of Nigeria in the manner he directed the CBN to redesign the Naira without consulting the National Council of States and the Federal Executive Council.
It went further to rule that the unconstitutional use of powers by the President on naira redesign has breached the fundamental rights of Nigerian citizens in various ways.
While some state governors have persistently argued that the policy, which permitted the CBN to place an embargo on the circulation of old N500 and N1,000 notes, while not providing their replacement in sufficient quantity,, had triggered severe cash shortages and chaos in the economy, leading to runaway inflation in food and other commodities.