Naira Scarcity: El-Rufai, Yahaya Bello Storm Supreme Court

Governor Nasir El-Rufai of Kaduna State and Governor Yahaya Bello of Kogi State on Wednesday stormed the Supreme Court.

Naija News reports that the apex court is set to deliver a ruling on a controversial cash policy introduced by the Central Bank of Nigeria (CBN).

The state governments of Kaduna, Kogi, and Zamfara had, on February 3rd, dragged the Federal Government to the Supreme Court over the naira redesign policy of the CBN.

The states urged the Supreme Court to compel President Muhammadu Buhari, the CBN, and commercial banks to rescind the February 10 deadline for the old N200, N500, and ₦1,000 banknotes as Nigeria’s legal tender

Ruling last week Wednesday, the Supreme Court ordered the Federal Government to halt the implementation of the currency redesign policy pending the determination of the substantive suit.

Naija News reported that the apex court, in a unanimous ruling, restrained the Federal Government, CBN, and commercial banks from implementing the deadline for the old 200, 500, and 1000 naira notes to stop being a legal tender.

The apex court also stopped the three defendants from continuing with the deadline pending the determination of a notice in respect of the issue.