Naira Re-design: Buhari’s Approval Is Illegal
The last may not have been heard of the decision by the governor of the Central Bank of Nigeria, Godwin Emefiele, to redesign 200, 500 and 1000 denominations of the Nigeria currency, the naira.
Some lawyers in Abuja, who examined the time frame within which the policy was initiated and put into effect, say that the haste with which the policy was implemented makes it both suspect and disruptive of Nigeria’s financial system.
READ ALSO: CLOSER LOOK: EMEFIELE, CENTRAL BANK AND JURISPRUDENCE OF NAIRA RE DESIGN
They also raised a weightier issue, saying that President Muhammadu Buhari’s defense of Godwin Emefiele, that he obtained Presidential approval for the policy is illegal because the approval did not follow the processes provided by the Central Bank Act.
