The Minister of Works and Housing and the Former Governor of Lagos State, Babatunde Fashola has alleged that what the Central Bank Governor is doing has no justification under the law. Fashola speaking in an Arise Tv interview stated that the interpretation of the act that enables the CBN to redesign the naira note has been manipulated by the Governor to achieve his own purpose.
Fashola argued that what the act states is that when an old note is being given to the CBN, they are obligated to return a new note to the individual. He pointed out that this is the law that enables the proper circulation of the money. According to him, what the CBN governor is doing as regards the money swap is an illegal activity which is a criminal offense.
He said, ''The purported exercise of the Central Bank and especially section 20 where it talks about redesigning currencies. It gives power undoubtedly to CBN to undertake that exercise. My understanding of that provision is that if you choose to redesign denomination A: N1000, N500, N200. Everytime I produce an old N200 note, you must give me a N200 new note. Every time I produce an old N1000, you must give me a new N1000 note back.
Until that currency denomination is eventually taken out of circulation. And that is what makes it a swap. What Emefiele is doing has no legal basis, the implementation of the naira swap is criminal. If the law says that you can only take two steps, if you take four steps, you have violated the law.''
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