Stakeholders in the Insurance and Pension Industry, on Friday, lauded the Supreme Court’s ruling that the old Naira notes of N200, N500 and N1000 remain legal tenders till Dec.31.
The Supreme Court on Friday invalidated the new naira design policy initiated by the Federal Government, noting that it was done without due consultation and in line with constitutional provisions.
The court held that the three months timeline giving before the scrapping of the notes was not in tune with the Central Bank of Nigeria’s (CBN’s) Act and as such was, unconstitutional.
The apex court ordered that the old naira notes shall continue to be used side by side with the new naira notes till Dec. 31.
Reacting, Mr Rotimi Edu, President, Nigeria Council of Registered Insurance Brokers (NCRIB) lauded the Supreme court’s ruling, noting that it would alleviate the suffering of the masses.
Edu explained that the faulty implementation of the naira redesign policy inflicted so much pain on the average Nigerians because they were used to spending cash.
He said while the naira redesign policy was a right step in the right direction, transmitting from a cash to a cashless economy should be done gradually.
“There is nothing new or bad in changing notes, but just as it is done even in advanced countries, it must be phased out gradually.
“Now that the Supreme court as ruled, there is no option for us all, but to obey the ruling.
“However, we must not let this opportunity presented for us to move our economy to cashless pass us by.
“This is because a cashless society is the practice across the globe and we cannot afford to be left behind, ” he said.
For Mr Ivor Takor, Director, Centre for Pension Right Advocacy, the supreme court’s ruling was commendable, saying that it would bring succour to the citizens.
According to him, the ruling proves that the judiciary is independent from the control of the executive arm of government and it functions to protect the interest of the masses.
“Law is made for the people ; the ruling clearly shows that no official of the government, including the president and the CBN governor can flaut the law.
“Nobody is above the law, ” he said.
Takor thanked the supreme court for wading into the matter, noting that the experiences of the citizens within the past few weeks had been awful and depressing.
He said there was no longer difference between those who had money in banks and those who did not have money at all, because everyone had no available cash to spend.
Takor expressed the hope that money would begin to circulate within the next few days for the citizens to spend, which would inturn stabilise the economy.
