Three state governments namely Kaduna, Kogi and Zamfara state governments, have sued the federal government at the Supreme Court over the hardship caused by the scarcity of the redesigned naira notes
The three states, including Katsina State, the home state of President Muhammadu Buhari, are in northern Nigeria. The three northern governors who brought the lawsuit are also APC members, the same party as President Buhari.
The redesign of the N200, N500, and N1,000 banknotes was unveiled by the Central Bank of Nigeria (CBN) in October of last year.
The CBN governor, Godwin Emefiele, declared that the previous banknotes would cease to be valid as of January 31.
But Mr. Emefiele extended the deadline until February 10 due to the public outrage that followed the currency shortage. The old banknotes would still be accepted by money deposit banks after the deadline, he noted.
The three state governments filed a lawsuit against the federal government at the Supreme Court on February 3 seeking an injunction suspending the policy because they were unsatisfied with the changes to the monetary policy.
By way of their attorney Abdulrakeem Mustapha, the plaintiffs are requesting a court order “restraining the Federal Government through the CBN…the commercial banks…from suspending on February 10, 2023 the time period within which the now-outdated 200, 500, and 1000 denominations of the Naira may no longer be legal tender pending the hearing and determination of the substantive suit.”
Despite guarantees, the plaintiffs claimed in their submissions to the Supreme Court that “many citizens have to yet not seen the newly redesigned naira notes let alone swapped their old notes for the new notes, despite assurances by the government to make the currency available.
They said that even the Federal Government of Nigeria has acknowledged the “inadequacy of the notification (of the naira redesign) coupled with the haphazard, cack-handed method the activity is being carried out and the consequent hardship”
The plaintiffs claimed that “the continued struggles and suffering being inflicted on the good people of Kaduna, Kogi and Zamfara States by the Federal Government has no reasonable basis.”
Despite government promises to make the money available, the plaintiffs claimed in their submissions before the Supreme Court that “many citizens have to yet not seen the newly redesigned naira notes let alone exchanged their old notes for the new notes.”
They said that even the Federal Government of Nigeria has acknowledged the “inadequacy of the notification (of the naira redesign) coupled with the haphazard, cack-handed method the activity is being carried out and the consequent hardship”
The plaintiffs claimed that “the continued struggles and suffering being inflicted on the…good people of Kaduna, Kogi and Zamfara States by the Federal Government has no reasonable basis.”