The governments of Kaduna, Kogi, and Zamfara States have asked the Supreme Court to restrain the Central Bank of Nigeria from implementing its naira redesign policy which fixed February 10 as the deadline for the use of old notes.
The suit was instituted by way of motion ex-parte by the Attorneys-General of the states.
The Attorney-General of the federation who is the chief law officer of the nation, is the sole respondent in the case
The subnational governments argued that the deadline given by the CBN that the old N200, N500, and N1000 notes would cease to be legal tender is against the well-being of ordinary Nigerians.
They contended that the policy is frustrating because many residents are finding it hard to access new notes.
The apex court will look into the merit of the motion and make its determination.
The CBN had said that the policy as well as deadline was in the overall interest of the nation, saying “CBN is aware of the difficulty being faced by Nigerians in accessing the new currency at this initial stages of its issue and circulation but wishes to plead with all to please show some understanding as everything is being done to correct some of the observed lapses in the implementation of this ambitious programme.”