Due to the lack of money and the stalemate that followed, riots have broken out all over the country as people rush to apex bank branches to exchange their old notes
On Sunday, Senator Abdullahi Adamu, the National Chairman of the All Progressives Congress (APC), and the Progressive Governors Forum (PGF) asked the Federal Government to follow the Supreme Court’s ruling on the controversial naira exchange policy.
The call follows a meeting between Adamu and the APC governors in Abuja on a policy that appears to widen the gulf between the White House and the party’s governors.
Even though CBN Governor Godwin Emefiele insisted on the deadline, the Supreme Court issued an interim injunction on February 10 that stopped the old N200, N500, and N1,000 bills from being legal tender.
On the other hand, President Muhammadu Buhari declared last Thursday that only the old N200 notes would be permitted to circulate with the new denominations for 60 days. This decision has come under fire from members of the president’s own cabinet.
Some of the APC governors who have led the charge against Buhari’s attitude are Nasir El-Rufai (Kaduna), Yahaya Bello (Kogi), Bello Matawalle (Zamfara), Abdullahi Ganduje (Kano), and Dapo Abiodun (Ogun).
The resolution from the meeting with the PGF was read by the APC chairman, who began by saying, “We notice very seriously that the currency redesign is posing enormous challenges for Nigerians.”
We’d like to ask the Governor of the Central Bank and the Attorney General of the Federation to honor the Supreme Court’s interim injunction.
The meeting is pushing President Buhari to get involved in tackling the problems that Nigerians are having a lot of trouble with.
With the new N200, N500, and N1,000 banknotes, the Central Bank of Nigeria (CBN) wants to stop people from buying votes and storing illegal money.
Nigerians were given three months to trade in their old bills for new ones, but the Supreme Court’s temporary injunction stopped the program from going forward.
Because the governors and the federal government can’t agree on anything, there isn’t enough money to go around. This has led to riots all over the country as people rush to the branches of the apex bank to turn in their old bills.
