The Speaker of the House of Representatives, Femi Gbajabiamila, has lauded the Supreme Court judgment nullifying the ban on old N200, N500, and N1,000 banknotes by the Central Bank of Nigeria (CBN) till December 31.
Gbajabiamila in a statement on Friday said that 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 has been fatally flawed and contradictory to the ends of law and public policy.
According to the Speaker, the CBN must respect the apex court’s judgment and act quickly to give it full effect. This, he said, is necessary to reverse some of what he described as the damage done to the economy and to prevent the continued suffering of Nigerians.
He noted that 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.
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