The Arewa Consultative Forum (ACF) has stated that the introduction of the naira redesign policy has damaged the credentials of President Muhammadu Buhari.
The secretary general of the forum Murtala Aliyu, said that the Supreme Court of Nigeria held that President Muhammadu Buhari breached the constitution in the way he issued a directive to the CBN for the redesign of the naira without consulting with the National Council of States and the federal executive council.
It went further to rule that the unconstitutional use of powers by the president on the naira redesign has breached the fundamental rights of Nigerian citizens in various ways.
He said that the state governors have persistently argued that the policy which permitted the CBN to place an embargo on the circulation of old N500 and N1,000 naira notes, while not providing their replacement in sufficient amounts, had triggered severe cash shortage and chaos in the economy.
He said that the cash shortage has led to inflation in food and other commodities.
He also bemoaned the huge crowds and long queues that form around bank offices and ATM points across the country as people struggle to get the new cash which have remained extremely scarce.
