New Naira Policy: State Govts Charge FG To Supreme Court

Some state governments including Kaduna, Kogi, and Zamfara states have dragged the Federal Government before the Supreme Court, seeking a restraining order to stop the full implementation of the policy.

The state governments were worried by the effects the Central Bank of Nigeria’s naira redesign policy is having on the residents of their states.

In the suits as plaintiffs are the three Attorneys-General and Commissioners of Justice of the three states, while the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, is the sole respondent.

According to sources, the three northern states in a motion ex-parte filed on their behalf by their lawyer, Abdul Hakeem Mustapha, SAN, are urging the court to grant them an interim injunction stopping the FG either by itself or acting through the CBN, the commercial banks, or its agents from carrying out its plan of terminating the February 10 timeframe within which the now older versions of the 200, 500 and 1000 denominations of the naira would cease to be legal tender.

Details later…


Leave a Reply

Your email address will not be published. Required fields are marked *