Three state governments, Kaduna, Kogi and Zamfara, have sued the federal government at the Supreme Court over the difficulties caused by the shortage of redesigned naira notes.
The three states are in northern Nigeria of which President Muhammadu Buhari’s home state, Katsina State, is a part. The governors of the three northern states who filed the suit are also members of the same party, APC, as President Buhari.
The Central Bank of Nigeria (CBN) last October announced that it is redesigning the N200, N500 and N1,000 notes.
Godwin Emefiele, the CBN governor, announced January 31 as the deadline for the expiry of old banknotes.
But due to public outcry over the lack of currency, Mr Emefiele extended the deadline to February 10. He added that the money deposit banks will continue to accept the old banknotes even after the deadline.
Despite the extension of the deadline, the lack of new records remains.
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Unsatisfied with the adjustment in monetary policy, three state governments on February 3 sued the federal government in the Supreme Court seeking an order to suspend the policy.
The plaintiffs through their lawyer Abdulrakeem Mustapha, sought an order to “prevent the federal government through the CBN … commercial banks … from delaying the date of February 10, 2023 at which time the old version of the 200, 500 and 1000 Naira denominations may not be tendered valid pending hearing and determination of substantive claims.
‘Citizens haven’t seen a redesigned banknote’
In their filing at the High Court, the plaintiffs said “many citizens have so far not even seen the newly redesigned naira notes let alone exchanged their old notes for the new notes,” despite assurances from the government that the currency would be available.
He stressed that “the lack of notification (redesign of the naira) is compounded by the unpleasant, cack-handed manner in which the exercise is carried out and the difficulties it causes…
The plaintiffs asserted that “there is no justifiable basis for the hardships and sufferings inflicted on … the good people of Kaduna, Kogi and Zamfara States by the Federal Government.”
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