The crisis caused by the naira swap by the Central Bank of Nigeria has sparked a legal action as the Governments of Kaduna, Kogi and Zamfara have dragged the Federal Government to court over the naira redesign policy that has led to biting cash crunch in the country.
In a motion ex-parte filed before the supreme court, the three states are seeking an interim injunction stopping the CBN from ending the timeframe within which the old N200, N500, and N1000 notes will cease to be legal tender.
The plaintiffs said since the announcement of the policy, there had been an acute shortage in the supply of the new naira notes in Kaduna, Kogi, and Zamfara states, adding that citizens who have dutifully deposited their old currency notes have increasingly found it difficult and sometimes next to impossible to access the new notes for their daily activities.
This development is coming after President Buhari met with APC Governors in Aso-rock last week demanding a 7 day period to find a solution to the cash crunch.
More to come…
