Ten Nigerian states have filed a case with the Supreme Court to challenge President Muhammadu Buhari’s directive on the naira redesign policy.
On Thursday, the President ordered the Central Bank of Nigeria (CBN) to recirculate only the old N200 notes, despite a previous ruling by the apex court, which stated that the old N200, N500, and N1000 notes are still legal tender.
The President’s directive on the naira redesign has been met with resistance from some Nigerian governors, who believe it could negatively impact the country’s economy.
The ten states, which include Rivers, Cross River, and Abia, are claiming that the directive is unconstitutional, as it goes against the decision of the Supreme Court.
The naira redesign policy was introduced by the CBN , with the aim of making the country’s currency more secure and less susceptible to counterfeiting.
The policy involves introducing new designs for the Naira notes, including new security features and the removal of certain historical figures.
While the policy has been well-received by some, others have expressed concerns that the redesign could lead to confusion and may take some time to implement.
Some experts have also warned that the redesign could lead to inflation, as it may cause a shortage of cash in circulation.
The President’s directive on the naira redesign has added further controversy to an already contentious issue.
The ten states are now waiting for the Supreme Court to make a ruling on the matter, which is expected to have far-reaching implications for the country’s economy.