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HomeNewsCBN Dragging Nigeria Towards Economic Shutdown — Tinubu

CBN Dragging Nigeria Towards Economic Shutdown — Tinubu

Presidential candidate of the All Progressives Congress (APC), Bola Tinubu, has praised the Supreme Court for stopping the February 10 deadline for the old naira notes to be recognised as legal tender.

In a statement on Wednesday by a spokesman for his campaign, Bayo Onanuga; Tinubu said the policy had subjected the masses to pains due to poor implementation.


He also said the Supreme Court ruling has saved Nigeria from political and economic shutdown.

Tinubu said the governors, especially APC governors who instituted the suit against the Central Bank of Nigeria (CBN) and the Federal Government at the Supreme Court, acted well on behalf of hapless Nigerians.

“The governors have saved the country from needless political and economic crises and miseries. These have clearly become the unintended consequences of the monetary policy of the apex bank,” he said.

Tinubu noted that the Supreme Court ruling coincided with the advisory of the International Monetary Fund (IMF), urging for the extension of the deadline for the swap of the old naira notes.

“Our country was dangerously careering toward anarchy and political and economic shutdown. But with the Supreme Court interim ruling, our country has been pulled back from the precipices.


“We thank our Supreme Court Justices for ruling wisely on the side of the people who have been subjected to undue agony and pains since this policy was announced,” Tinubu said.

He added that the Federal Government and relevant stakeholders could now work out better framework on how to proceed with the new policy without causing any social and economic disruption and inconvenience to Nigerians.

He noted that there were examples of other countries that had successfully and seamlessly changed their currencies to learn from.

He said such countries gave a long time, at least 12 months to effect the currency change, adding that “they do not engage in CBN-like Fire Brigade approach.”

“The sole aim of my running to be the president of our country is to make life better and more abundant for our people and this is an ideal for which I will remain eternally committed to,” Tinubu stressed.



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