Naira Scarcity: Govt orders arrest of residents rejecting old notes

VAM News February 11, 2023 in Business Tagged naira scarcity, Old Naira Notes, Zamfara State Govt - 2 Minutes

Zamfara State Governor, Bello Matawalle, has ordered the arrest of those rejecting the old N1000, N500, and N200 Naira notes in the state.

The All Progressives Congress (APC) governor gave the order at the swearing-in ceremony of new High Court Judges and newly appointed Special Advisers held at the Government House, Chamber II in Gusau, the state Capital.

Voice Air Media earlier reported that Matawalle, Governor Nasir El-Rufai (Kaduna), and Yahaya Bello of Kogi State had jointly approached the Supreme Court to order the extension and validity of the old Naira notes.

Matawalle told residents of his state on Friday that the old currency notes remain legal tender until the final verdict of the case instituted against the Central Bank of Nigeria (CBN) and the federal government by himself and the other two Northern governors at the Supreme Court.

As you are all aware, the economy of the country as a whole has been plunged into a serious crisis by the decision of the Central Bank to cease recognition of the old naira notes as legal tender from February 10th.

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This decision compounded the already dire situation of our State occasioned by banditry and sundry crimes, which significantly disrupted economic activities in the State and the subregion over the years,” Daily Trust quoted Matawalle.

He explained that it was in consideration of the grave consequences brought about by the CBN policy which he concluded was not well thought out, that he teamed up with the Kaduna and Kogi State Governors to seek the intervention of the Supreme Court to ensure that both the new and old naira notes remain as legal tender beyond February 10th.

“Gladly, the Supreme Court has given an interim injunction barring the CBN from enforcement of its plan of derecognizing the old notes as legal tender from today, pending its final ruling on the matter on February 15th,” Matawalle noted.

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He also commended the Supreme Court for “doing the needful”, which he said would alleviate the suffering of the masses.

Matawalle added: “This courageous decision by the Supreme Court has no doubt saved the country from sliding into a crisis of great proportion that may affect the peace and stability of the country and possibly prevent the holding of the general elections billed for this month.

“I have joined in this salvaging mission, notwithstanding my proximity and good rapport with His Excellency, President Muhammadu Buhari.”