24.2 C
Accra
Sunday, August 3, 2025
WorldNaira scarcity: Three APC Governors sue Nigeria's Buhari over new Naira notes

Date:

Naira scarcity: Three APC Governors sue Nigeria’s Buhari over new Naira notes

Governors Nasir El-Rufai of Kaduna, Yahaya Bello of Kogi, and Bello Matawalle of Zamfara have filed lawsuits against the federal government over the Central Bank of Nigeria’s (CBN) naira redesign policy.

Due to a shortage of Naira notes, the Governors have filed a law suit against the Federal government in the Supreme Court.

The states are asking for a declaration that the CBN’s current implementation of the Federation’s Demonetisation Policy does not adhere to the provisions of the Federal Republic of Nigeria’s 1999 Constitution (as amended), the Central Bank of Nigeria Act of 2007, or any other applicable laws.

They also want the court to declare that the three-month notice given by the FGN and the CBN under the directive of President Buhari, the expiration of which will render the old bank notes inadmissible as legal tender, is in gross violation of the provisions of Section 20(3) of the Central Bank of Nigeria Act 2007 – which specifies that reasonable notice must be given before such a policy and that the limit cannot be outside that provided under Section Section 22(1) of the CBN Act 2007.

The Attorney General and Commissioner for Justice, Kaduna State, Aisha Dikko, stated in an affidavit that while the naira redesign policy was introduced to improve the cashless policy of the federal government, several transactions cannot be conveniently carried out through electronic means.

Dikko also averred that the federal government has embarked on the policy within a narrow and unworkable time frame, and this has adversely affected Nigerian citizens within Kaduna, Kogi and Zamfara states as well as their governments, especially as the newly redesigned naira notes are not available for use by the people as well as the state governments.

“That the majority of the indigenes of the plaintiffs’ states who reside in the rural areas have been unable to exchange or deposit their old naira notes as there are no banks in the rural areas where the majority of the population of the states reside,” she averred.

Governors of the ruling party had met with the President last week and pleaded with him to allow old notes and the new ones co-exist.

The president told them to give him seven days to look into the challenges arising from naira redesign.

Following a recent meeting, CBN Governor Godwin Emefiele warned that the bank was not considering moving the February 10 deadline for the old notes to cease being legal tender.

[forminator_poll id="710479"]

Latest stories

“Don’t make me and Stonebwoy fight ooo”- Samini warn netizens

Veteran dancehall musician, Samini has warned netizens to resist...

Kanye West’s Heil Hitler song bans him from entering Australia

US rapper Kanye West has been banned from entering...

Agradaa describes moment shared with President Mahama heavenly – Agradaa

Evangelist Patricia Asiedua, popularly known as Agradaa, shared a...

Dada Joe Remix extradited to face romance scam charges in USA

Ghana’s nightlife mogul and alleged crypto kingpin, Nana Kojo...

Govt launches 24-Hour Economy policy today

The government's flagship, 24-Hour Economy Policy, will be launched...

GRA sets July 16 for GHS1 fuel levy implementation

The implementation of the new GHS1 Energy Sector Shortfall...

Related stories

US travel ban against Togo, Libya, others takes effect today

Effective today, Monday, June 9, nationals of twelve countries...

Pakistan: Police in search of over 200 inmates following earth tremor

Over 200 inmates are currently on the run after...

Pope Leo XIV shares canonical acceptance

Cardinal Robert Francis Prevost has officially accepted his election...

Profile of the new Pope – Cardinal Robert Francis Prevost

"Peace be with all of you!" - the first...

Cardinal Robert Francis Prevost named as the 267th Pope, takes the name Pope Leo XIV

Cardinal Robert Francis Prevost has been elected as the...

Black smoke signals end of first day of conclave to elect new pope

A thick column of black smoke rising from the...

Siemens exec and his family involved in fatal Hudson helicopter crash

Tragedy struck New York City on Thursday when a...