Gbajabiamila denounces the “fatally flawed” Naira swap policy and promises that representatives would review it.

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Femi Gbajabiamila, the Speaker of the House of Representatives, has applauded the Supreme Court decision overturning the Central Bank of Nigeria’s (CBN) prohibition on the use of older N200, N500, and N1,000 banknotes through December 31.

In response to the ruling, Gbajabimaila said in a statement on Friday: “The House of Representatives has always held the position that, despite the sterling intentions behind the currency swap policy, the design and implementation of the policy have been fatally flawed and contradictory to the ends of law and public policy.

“The Supreme Court’s ruling suspending the Central Bank of Nigeria’s (CBN) currency swap policy and extending the implementation deadline to December 31, 2023, endorses the House’s whole stance.

“The currency swap scheme was implemented in a strikingly haphazard manner, far below what was required by international standards. Both the Nigerian people and the Nigerian economy experienced severe harm as a result of it departing from the Central Bank of Nigeria’s (CBN) former practice without offering any benefits to either.

Speaker asserts that the CBN must follow the ruling of the supreme court and take prompt action to give it full effect. This, he claimed, is essential to undo some of the harm done to the economy and stop Nigerians from continuing to suffer.

The member of the House of Representatives who represents Surulere I Constituency in Lagos State commended and thanked the governors of Kaduna, Kogi, and Zamfara states for turning to the Supreme Court to provide a definitive resolution to this issue.

“Doing this was the proper decision. That demonstrated their unified dedication to the rule of law and their resolve to adopt audacious measures that are in the interests of the Nigerian people, the president remarked.

“Although we expect the Central Bank to take action, it is nevertheless important to look at and comprehend how this policy intervention played out.

“The House of Representatives will utilize its jurisdiction to examine the deeds and omissions, the legal and procedural errors that created the framework for this grave miscalculation of public policy. This is required to make sure we adopt the proper legal measures to stop a recurrence in the future.

This is the whole statement: