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Gbajabiamila hails Supreme Court’s judgement on currency swap

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…says CBN must respect apex court’s decision

The Speaker of the House of Representatives, Rep. Femi Gbajabiamila, has hailed the decision of the Supreme Court, which invalidated the deadline for the currency policy introduced by the Central Bank of Nigeria (CBN) and extended it to 31st December, 2023.

Gbajabiamila noted that, by the decision, the apex court has once again proved that it is the highest court of justice in the land. 

He said the House had faulted the implementation of the policy as it went contrary to the law establishing the CBN, and that the Supreme Court’s decision has validated the position of the House.

In a press statement on Friday, Gbajabiamila said, “It has always been the position of the House of Representatives that, despite the noble 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 decision of the Supreme Court suspending the currency swap policy introduced by the Central Bank of Nigeria (CBN) and extending the implementation deadline to December 31, 2023, validates the position of the House in its entirety.”

Describing the implementation of the policy as “remarkably haphazard,” Gbajabiamila stated that it fell way short of international standards.

“It deviated from the prior practice of the Central Bank of Nigeria (CBN) without providing any benefits to the Nigerian people or the economy of Nigeria, both of which have suffered significant harm as a result.” 

He said the CBN “must respect the apex court’s judgement and act quickly to give it full effect. This is necessary to reverse some of the damage done to our economy and prevent the continued suffering of the Nigerian people.”

Gbajabiamila commended the governors of Kaduna, Kogi and Zamfara as well as their other colleagues, for approaching the apex court to make a decision on the matter, describing their action as “the right thing to do.” 

“It showed their collective adherence to the rule of law and their determination to take bold actions that serve the best interests of the Nigerian people.” 

“While we anticipate action by the Central Bank, there is still a need to examine and understand how this policy intervention turned out in the way it did.”

“The House of Representatives will exercise its authority to review the actions and inactions, the failures of law and procedure that set the conditions for this profound failure of public policy. This is necessary to ensure we take the right legislative actions to prevent future reoccurrence.”

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