Naira Scarcity: Why Zamfara, Kaduna, Kogi Took CBN To Supreme Court, See Video
- M.I Mustapha, the lawyer to Kogi, Kaduna and Zamfara states that challenged the FG plan to stop the old naira notes on Friday, February 10, has disclosed the rationale behind the states' action
- Mustapha, while speaking to journalists after the supreme court judgment, noted that the 3 states' governments felt the pain of the common man, which was the reason for their action
- The senior advocate noted that the supreme court is not just the final court to approach during a dispute, it is also a policy court
FCT, Abuja - Lawyer to Zamfara, Kogi and Kaduna states that challenged the federal government's naira redesign policy at the supreme court has disclosed the rationale behind their action.
The 3 northern states have approached the supreme court for an interim injunction to restrict the federal government from going on with its plan to make the old N200, N500 and N1000 notes illegal tending.
Speaking to journalists after exparte order was granted by the apex court, M.I Mustapha, the counsel to the 3 states noted that the reason why the state governments approached the court was due to the fact that the federal government policy is anti-people.
Latest about CBN, new naira notes, naira scarcity, Emefiele, 2023 election
Godwin Emefiele, the governor of the Central Bank of Nigeria, had in November 2022 unveiled the new naira notes and insisted that the deadline to stop making the old notes legal tending on January 31, 2022.
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Following tension and protests from governors of the All Progressives Congress (APC) and the Nigerian public who could not access the new notes over scarcity, Emefiele announced 10 days extension as approved by President Muhammadu Buhari.
The 3 states subsequently approached the court, and their exparte order was granted by the apex court on Wednesday, February 8.
See the video here:
Tinubu reacts as Supreme Court gives verdict on CBN Naira Swap policy
Legit.ng earlier reported that the APC presidential flagbearer, Bola Tinubu, has commended the supreme court ruling that stopped the federal government from banning the legal tending of old naira notes.
Tinubu also hailed the governors of the 36 states, particularly the APC governors, for standing by the people to stop them from suffering.
The governments of Kaduna, Kogi and Zamfara states have dragged the federal government and the CBN before the court over the new naira redesign policy.