Kaduna, Kogi and Zamfara states have challenged the Federal Government in court through an ex-parte motion before the Supreme Court seeking a restraining order to discontinue the full implementation of the Central Bank of Nigeria’s (CBN) Naira redesign policy.
The three northern states believe that the 10-day extension is inadequate to address the challenges plaguing the policy and, therefore, are praying that the court grants an interim ruling, preventing the CBN from ending the timeframe within which the old N200, N500, and N1000 notes will cease to be legal tender.
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They averred that citizens have found it difficult and sometimes impossible to access the new notes for their daily activities.
In a motion on notice by them, they sought an accelerated hearing praying the court to shorten the time within which the respondent may file and serve a counter-affidavit.
They noted that since the announcement of the policy, there had been an acute shortage in the supply of the new naira notes in the three states; they sought a declaration that the demonetization policy of the CBN contradicts the extant provisions of the constitution, and the CBN Act, of 2007.
They also want the court to pronounce that provisions of Section 20(3) of the CBN Act, the FG, through the CBN, has no mandate to give a timeline for the acceptance and redeeming of banknotes issued by the apex bank, except as limited by section 22(1).