The Presidency on Monday revealed that President Muhammadu Buhari did not tell the Central Bank of Nigeria (CBN) not to obey the Supreme Court order on the validity of naira notes.
“It is therefore wide off the mark to blame the President for the current controversy over the cash scarcity, despite the Supreme Court judgement. The CBN has no reason not to comply with court orders on the excuse of waiting for directives from the President,” Presidential spokesman Garba Shehu said in a statement.
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“Since the President was sworn into office in 2015, he has never directed anybody to defy court orders, in the strong belief that we can’t practise democracy without the rule of law and the commitment of his administration to this principle has not changed.
“Following the ongoing intense debate about the compliance concerning the legality of the old currency notes, the Presidency therefore wishes to state clearly that President Buhari has not done anything knowingly and deliberately to interfere with or obstruct the administration of justice.”
The Presidency’s reaction comes ten days after the Supreme Court extended the validity of all old naira notes till December 31 2023.
The Supreme Court faulted the naira redesign policy by the Central Bank of Nigeria (CBN), declaring the naira notes swap implementation invalid and an affront to the 1999 Constitution.
Despite the order, cash scarcity continued in all states and the FCT with commercial activities being grounded.
Amid the cash crunch and the silence of Buhari, many suggested that the CBN governor Godwin Emefiele was acting on the President’s directive not to obey the Supreme Court.
The Presidency, however, distanced Buhari from the scarcity of cash and the noncompliance with the Supreme Court order.
“The President is not a micromanager and will not, therefore, stop the Attorney General and the CBN Governor from performing the details of their duties in accordance with the law,” Shehu said.
“In any case. it is debatable at this time if there is proof of willful denial by the two of them on the orders of the apex court.”
Shehu insisted that Buhari’s directive after the meeting of the Council of State is that the CBN must make all needed cash available for circulation.
“It is an established fact that the President is an absolute respecter of judicial process and the authority of the courts,” Shehu said.
“He has done nothing in the last eight or so years to act in any way to obstruct the administration of justice, cause lack of confidence in the administration of justice, or otherwise interfere or corrupt the courts and there is no reason whatsoever that he should do so now when he is getting ready to leave office.
“The negative campaign and personalised attacks against the President by the opposition and all manner of commentators is unfair and unjust, as no court order at any level has been issued or directed at him.”
Shehu said Buhari rejects the impression that he lacks compassion, saying that “no government in our recent history has introduced policies to help economically marginalised and vulnerable groups like the present administration.”