Naira Redesign Policy: 3 States Sue FG, Seek to Stop Implementation

The states of Kaduna, Kogi and Zamfara have filed lawsuits against the federal government seeking an injunction to stop the Central Bank of Nigeria’s (CBN) full implementation of the Naira Modification Policy.

TheCable reports that in a unilateral motion before the Supreme Court, three states ask the court to issue an injunction to prevent CBN from ending the period when old N200, N500 and N1000 notes are not legal tender.

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The plaintiffs said the supply of new Naira notes has sharply run out in the states of Kaduna, Kogi and Zamfara since the policy was announced, and citizens who have loyally deposited old notes find it increasingly difficult. And it can be almost impossible to access new notes due to day-to-day activities.

WikkiTimes can report that many people besieged banks daily to obtain the new currency but were upset by what they encountered both in halls and ATMs (cash dispensers).

The lack of new banknotes means that most people in the country will find it difficult to do business and will go hungry. Businesses have been hit and jobs are threatened.

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