Governor Douye Diri of Bayalsa has urged President Muhammadu Buhari’s regime and the Central Bank of Nigeria (CBN) to obey the Supreme Court ruling on the old naira notes to ameliorate the suffering occasioned by the cash crunch on Nigerians.
Mr Diri spoke during an interactive meeting with the leadership of various unions and associations of transporters, traders and petroleum marketers in the state on Monday.
The governor said that with the apex court ruling, Nigerians expected the federal government and the CBN to speedily implement and enforce the judgement.
Mr Diri said that the lack of direction by the federal government and the apex bank had hampered the implementation of the naira redesign policy and the ruling of Nigeria’s highest court.
“Clearly, when the Supreme Court has ruled on a matter, it is final. And we expect that the federal government and the CBN will implement the ruling of the Supreme Court.
“If this had to do with our own constitutional authority as a state government, we would do it.
“Constitutionally, states have no power over currency and monetary matters and cannot, therefore, issue directives on them except they want to play to the gallery,’’ he said.
Describing the naira redesign and currency swap policy as laudable, Mr Diri, however, stressed that the policy was ill-timed and its implementation had caused untold hardship on the lives and livelihoods of the people.
The governor said the meeting was to interact with major stakeholders from various business sectors to seek ways to ease the challenges brought about by the naira swap policy.
Mr Diri also noted that his administration is aware that some traders are involved in activities that have created a system that diminished the purchasing power of the old notes.
He said the unwholesome practice is totally unacceptable to the state government and called on the leadership of the various unions and associations to prevail on errant members to desist forthwith.
Mr Diri promised that he would meet with managers of commercial banks in the state and relevant federal officials to suggest ways to reduce the suffering of the people.
The leadership of the various unions and associations of petroleum marketers, transporters and traders at the meeting included the state chairman of the Independent Petroleum Marketers Association of Nigeria, Peter Erefamote.
Others include the state Tricycle Owners Association chairman, Sani Moniru, and that of the National Road Transport Workers Union of Nigeria, Erebo Oyinkuro.
Also in attendance were the former secretary, Swali Market Traders Association, Fortune Samuel, and Christian Gwuembe of the Periwinkle Traders Association.
(NAN)
