Gov Matawalle slams critics of Supreme Court ruling on Naira swap deadline

Governor Bello Matawalle has brushed off criticisms trailing the Supreme Court’s decision to hear and act upon the three governors’ application for a suspension of the Central Bank of Nigeria (CBN) Naira swap policy.

The governor stated he is completely sure that those who oppose their action and eventual victory before the Supreme Court are either misinformed or blinded by political chauvinism in a statement on Thursday.

He noted, “I and my Kaduna and Kogi states counterparts found it necessary to approach the Supreme Court in order to save the economy of Nigeria from being plunged into more crisis as well as relieve the excruciating pain the ordinary Nigerian is experiencing in the face of scarcity of both the old and new naira notes.

“It is common sense to say that the CBN and Commercial banks must make the new naira notes available for day-to-day business transactions before the old naira notes are declared illegal”.

The governor did, however, express his disappointment that some political parties and disgruntled politicians were contesting the Apex Court’s decision, which he said, was legitimately made in the interest of the average Nigerian and the survival of the nation’s micro economy.

Governor Matawalle noted that, “the decision of our wise and revered Supreme Court Judges on this matter is the best way to address the current problem and its impending consequences at the moment.

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“At this critical time of our transition, it is only patriotic for all of us to put political considerations aside and address the challenges at hand so that together, we can cross the bridge ahead of us”.

Earlier in the week, Kaduna, Kogi and Zamfara states had 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.

Consequently, the Supreme Court on Wednesday ordered a suspension of the deadline for the swapping of old to new Naira notes by the Central Bank of Nigeria (CBN).

The Supreme Court issued an interim injunction restraining the Federal Government from suspending acceptance of the old Naira notes on the Friday February 10, 2023 deadline.

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