Gbajabiamila hails Supreme Court judgement on currency policy

The Speaker of the House of Representatives, Rep. Femi Gbajabiamila, has hailed the decision of the Supreme Court, which invalidated the deadline for the currency policy introduced by the Central Bank of Nigeria (CBN),extending it to Dec.31.

This is contained in a statement issued by Mr Lanre Lasisi, Special Adviser to the Speaker on Media and Publicity, in Abuja on Friday.

Gbajabiamila said the judgement had always been the position of the House of Representatives.

He said in spite of the noble intentions behind the currency swap policy, the design and implementation of the policy had been fatally flawed and contradictory to the ends of law and public policy.

Gbajabiamila noted that with the decision, the apex court had once again proved that it is the highest court of justice in the land.

He said the House had faulted the implementation of the policy as it went contrary to the law establishing the CBN, and that the Supreme Court’s decision had validated the position of the House.

“The decision of the Supreme Court suspending the currency swap policy introduced by CBN and extending the implementation deadline to Dec. 31,validates the position of the House in its entirety,” he said.

The Speaker described the implementation of the policy as remarkably haphazard, adding that it fell way short of international standards.

He said the policy deviated from the prior practice of CBN, without providing any benefits to the Nigerian people or the economy of Nigeria, both of which, he said, had suffered significant harm as a result.

Gbajabiamila said the CBN must respect the apex court’s judgement and act quickly to give it full effect.

“This is necessary to reverse some of the damage done to our economy and prevent the continued suffering of the Nigerian people,” he said .

Gbajabiamila commended the governors of Kaduna, Kogi and Zamfara and their colleagues, for approaching the apex court to make a decision on the matter.

“It showed their collective adherence to the rule of law and their determination to take bold actions that serve the best interests of the Nigerian people.

“While we anticipate action by CBN ,there is still a need to examine and understand how this policy intervention turned out in the way it did,”Gbajabiamila said.

He said the House of Reps would “exercise its authority to review the actions and inactions, the failures of law and procedure that set the conditions for this profound failure of public policy”.

The Speaker said it was necessary for the lower chamber to take the step to prevent future recurrence.

Source: News Agency of Nigeria