Kaduna, Kogi and Zamfara states have instituted a suit
against the federal government seeking a restraining order to stop the full
implementation of the naira redesign policy of the Central Bank of Nigeria
(CBN).
In a motion ex-parte filed before the supreme court, the
three states are praying the court to grant 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 has been an acute shortage in the supply of the new naira notes in their
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.
Asides from the unavailability of the new notes, the
plaintiffs also submitted that the notice period given by the federal
government was inadequate.
They submitted that the 10-day extension is insufficient to
address the challenges plaguing the policy.
The plaintiffs have also filed a motion on notice to abridge
the time within which the respondent may file and serve a counter-affidavit for
an accelerated hearing.
The states are seeking a declaration that the demonetisation
policy of the CBN is not in compliance with the extant provisions of the
constitution, and the Central Bank of Nigeria Act, 2007.
They are also seeking a declaration that the three months
notice given by the federal government through the CBN is in gross violation of
the provisions of Section 20(3) of the CBN Act which specifies that reasonable
notice must be given.
They also want the court to declare that by the express
provisions of Section 20(3) of the CBN Act, the FG through the CBN has no power
to issue a timeline for the acceptance and redeeming of banknotes issued by the
bank, except as limited by section 22(1).
Consequently, the plaintiffs want the court to direct the
immediate suspension of the demonetisation policy until the relevant provisions
of the law are complied with.
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Hope they are not among the States suspected of holdings huge amount of funds for 2023 election purpose.
ReplyDeleteThey will end at nothing
ReplyDelete