Nyesom Wike Trolls Emefiele As Naira Plan Falls Flat

• Governor Wike of Rivers State has the last laugh on Central Bank of Nigeria’s governor, Godwin Emefiele as Naira situation turns in favour of politicians.

• This is in response to the Supreme Court’s verdict to keep the old naira notes in circulation till the end of December of the current year.

• CBN governor’s stance over the Naira redesign was met with a lot of backlash from Nigeria’s elites, with the naira scarcity seconds to tearing the country into chaos.

EKO HOT BLOG reports that Rivers State Governor, Nyesom Wike, has taunted the Governor of the Central Bank of Nigeria, Godwin Emefiele, over the Supreme Court judgement extending the validity of old N200, N500, and N1,000 notes till December 31, 2023.

Speaking in Abuja, Wike backed the decision of the Supreme Court and urged Nigerians to use their old currency notes without fear. He added that the highest court of the land has made a ruling that must be adhered to by everyone, including the CBN Governor.

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“I thank God the Supreme Court today has told them the old money remains valid till the end of December. So, if you still have the old money, use it. The highest court of the land has said so. Too bad for the governor of the Central Bank. He has no choice. There is no other directive that can override the judgement of the Supreme Court,” Wike said.

The Supreme Court ruling came after a protracted legal battle between the CBN and a group of Nigerians who had challenged the apex bank’s directive to deposit old notes in banks for exchange. The CBN had argued that the directive was necessary to combat money laundering and other financial crimes.

However, the apex court ruled that the CBN’s directive was unconstitutional, as it infringed on the fundamental rights of Nigerians to own property. The court ordered that the old notes remain valid until December 31, 2023.

Governor Wike’s taunt of Governor Emefiele is the latest in a series of criticisms of the CBN’s policies by some state governors and economic analysts. Critics have accused the bank of adopting policies that are hurting the economy, such as its decision to restrict forex access for the importation of certain goods.

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However, the CBN has defended its policies, arguing that they are necessary to stabilize the economy and protect the value of the naira.

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