Naira Redesign Policy: CBN’s U-turn Vindicates Governors Who Sued FG – Matawalle

• The CBN introduced a naira redesign policy that changed the look and feel of the N200, N500, and N1000 notes late 2022.

• However, the apex bank gave a short deadline to phase out the old naira notes, which triggered a cash scarcity across the country.

• At least 16 states subsequently sued the federal government and secured a Supreme Court order that nullified the short deadline.

Eko Hot Blog reports that Zamfara State Governor, Bello Matawalle, says the compliance of the Central Bank of Nigeria (CBN) with the Supreme Court order on the validity of old naira notes is a vindication of governors who sued the federal government.

The apex bank had on Monday asked money deposit banks to dispense and accept old naira notes until December 31, as ordered by the highest court in the country.

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In a statement issued by Matawalle’s spokesperson, Zailani Bappa, on Tuesday, the governor described the CBN U-turn as a victory for Nigerians.

He said citizens can now heave a sigh of relief as more cash is expected in circulation as a result of the directive of the CBN.

Matawalle also noted that the suit instituted against the naira redesign policy by some state governments is for the good of the country’s micro-economy and the wellbeing of the average Nigerian.

“Those who accused us of going to court for the sake of the presidential elections, even as Nigerians groaned under the policy implementation, are now proven wrong as we did not relent until we succeeded in achieving our demand to its logical conclusion,” the governor said.

“This is way after we have won the said presidential election.

“All Nigerians can now sigh a relief on this matter, and we expect more cash to be in circulation to ease our pains, while those who were unable to replace their old naira notes with the scarce new notes will no longer lose their hard-earned money.”

Matawalle said he is expecting all deposit money banks (DMBs) to fully comply with the CBN’s directive.

FURTHER READING

• It’s Official: CBN Announces Old Naira Notes Remain Legal Tender Till December 31

• Ekiti Threatens To Prosecute Residents Rejecting Old Naira Notes

• CIPM Donates Relief Materials To Lagos Bus-train Accident Victims

Prior to the directive of the CBN, presidential spokesperson, Garba Shehu, had said President Muhammadu Buhari never told CBN governor, Godwin Emefiele, and the attorney-general of the federation, Abubakar Malami, to defy any court order.

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