An economist, Prof. Evans Osabuohien, has commended the Supreme Court’s extension of use of old Naira notes as a legal tender until Dec. 31, 2023.
Osabuohien, who is also the Head of Economics Department, Covenant University, Ota, made the commendation in an interview with the News Agency of Nigeria (NAN) on Friday in Ota, Ogun.
The News Agency Of Nigeria (NAN) reports that three northern states of Kaduna, Kogi, and Zamfara had on Feb. 3 sought the Supreme Court’s order extending the validity of the old N200, N500, and N1, 000 notes.
NAN also reports that the number of plaintiffs rose to 16 after six new states were added to the three initial plaintiffs during the hearing of the case on Feb. 22, three days to the national elections held on Feb. 25
The Supreme Court on Friday, ordered the Federal Government to allow the old Naira notes to continue as legal tender until Dec. 31, 2023.
The don said that the extension of the old Naira notes of N200, N500 and N1000 by the Supreme Court was a right decision and relieve to Nigerians.
“The Supreme Court decision should be appreciated by all Nigerians because it will reduce sufferings of the masses.
“This is a welcome development, the issue of cash crunch has inflicted serious hardships on Nigerians,” he said.
Osabuohien said that the hardships experienced by Nigerians, especially the low income earners, has been unbearable.
He noted that the cash crunch had led to loss of man-hour by Nigerians as they continued to queue at banks on daily basis and yet not able to withdraw their money.
This development, he said, had made many Nigerians to result to getting cash from Point of Sale(PoS) operators who charged higher commission.
Osabuohien said that the extension of the use of old naira notes would give people enough time to plan and adjust toward phasing out of the old currency.
The don appealed to the Federal Government to obey the Supreme Court’s decision to reduce the hardship on Nigerians.
He also called on commercial banks to improve their electronic channels to facilitate business transactions in the country.(NAN)