Civil Society Organizations (CSOs) have called on President Muhammadu Buhari to invoke an executive order to override the Supreme Court judgment on the new Naira exchange rate.
This call came after the apex court on Tuesday, February 2, 2021, delivered the judgment on the controversial Naira exchange rate, which saw the naira depreciated by over 10%. This has been a major concern for many Nigerians as the new rate has had a direct impact on the cost of living in the country.
The organizations, which included the National Association of Nigerian Students (NANS), the Nigeria Labour Congress (NLC), and the Nigerian Bar Association (NBA), have all expressed their concern about the situation and called for a swift intervention from the President.
The Executive Director of the National Association of Nigerian Students, Mr. Oluwole Oguntuase, said that the new rate will aggravate the already weak purchasing power of the average Nigerian and cause further economic hardship. He also urged the President to invoke an executive order to override the Supreme Court judgment and restore the old Naira exchange rate.
On his part, the president of the Nigeria Labour Congress, Ayuba Wabba, described the new Naira exchange rate as a “disaster” and called on President Buhari to take urgent action to address the situation. He also appealed to the government to put in place necessary policies to shield Nigerians from the effects of the new Naira exchange rate.
The Chairman of the Nigerian Bar Association, Mr. Abubakar Mahmoud, also urged the government to look into the matter and address the situation without delay. He said that the new rate would have a negative impact on the Nigerian economy and must be reversed as soon as possible.