By Victor Adeoti
Some residents of Osun on Thursday differed in their reactions to President Muhammadu Buhari’s approval for the continued use of the old N200 note as legal tender.
Some residents in separate interviews with the News Agency of Nigeria (NAN) in Osogbo, commended the President for the directive, while others said the extension would have no positive impact on the hardship people were passing through.
Dr Tunji Ogunyemi, an economist and lecturer at the Obafemi Awolowo University, Ile-Ife, said that the President’s directive would not in any way ease the pains of Nigerians.
Ogunyemi said that previously when a new currency was introduced in the country, people were allowed to spend the old notes for six months before they were faced out.
He, however, said the time given for phasing out of the N200, N500 and N1000 notes was too short and that the new notes were not readily made available to Nigerians.
Ogunyemi, however, urged the Federal Government to obey the Supreme court ruling that ordered the use of the old notes with the new ones pending the determination of the substantive suit before it.
“Even going by the speech of Mr President, the Feb.10 to April 10, extension for the use of the old N200 is not up to 60 days, because it is even 59 days.
“The monetary reform is good, I commend the CBN Governor , Mr Godwin Emefiele, but the implementation and timing is wrong.
“However, in Economics and Science, when you are working on a project , the methodology of achieving the project goal is required and if the methodology is wrong, the project would surely be unacceptable.
“The idea behind the CBN and FG in reforming the naira notes is laudable, but the method of implementation and timing is very wrong.
“I believe the President has really mentioned the real reason behind the naira notes reform, it is to minimised or stop the influence of vote buying in the coming elections.” he said
Similarly, a legal practitioner, Mr Adeshina Adewale, said that the directive of the President was in violation of the order of the Supreme Court that the old N200, N500 and N1000 should remain legal tenders.
“There was an interim order from the Supreme Court telling the CBN to hold on from making the old notes illegal, just as the court fixed a date to hear the petitions of some state governments on the issue and the defense of the CBN/FG.
“But from the pronouncement of Mr President today, the Supreme Court order has been over-ruled and irrespective of what judgment given on Feb. 23, what the FG has done will not likely be changed.” he said.
Another legal practitioner, Mr Jimmy Jones , said measures outlined by the President might not really have any positive impact on the masses.
” I was expecting the President to say that old notes should remain legal entity, while the new notes be taken away from the economy.
” Also, with the way the President spoke , I guess there will still be some clashes among Nigerians on accessibility and acceptance of both the old N200 and the new notes,” Jones said
He advised the president to obey the supreme court ruling by suspending the new monetary policy and allow the continued use of the old notes.
In his view, Mr Olawale Balogun, a businessman, said that more of the new N500 and N1,000 should be printed and be used with old N200 for ease of the masses.
Balogun added that the approval for the continued use of the old N200 notes would ease the stress Nigerians were currently facing.(NAN)
