The Governments of Kaduna, Kogi and Zamfara have dragged the Federal Government to court over the Naira Redesign Policy that has led to a biting cash crunch in the country.
BREAKING: El-Rufai, Matawalle, Bello drag FG to court over new Naira
The three states are seeking an interim injunction stopping the CBN from ending the timeframe within which the old notes will cease to be legal tender.
Nigeria's new naira notes
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What is happening: 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.
What they are saying: The plaintiffs said since the announcement of the policy, there has 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.
What you should know: 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.
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