Wike vows to join suit against FG, CBN on cash redesign policy

Governor Nyesom Wike of Rivers state has applauded the Wednesday ruling by the Supreme Court against the naira redesign policy of the Central Bank of Nigeria (CBN).

The Apex Bank, in its decision, restrained both the federal government and the CBN from implementing the February 10 deadline set for swapping of some banknotes for their newly redesigned variants.

The court also fixed February 15 for hearing in the suit filed by the governors of Kaduna, Zamfara, and Kogi state.

Reacting to the order, Governor Wike vowed to join the suit. He added that the state chapter of the Peoples Democratic Party (PDP) is not in support of the controversial policy. His position contradicts his party’s, which seems to espouse the policy even though its presidential candidate Abubakar Atiku has urged the CBN to extend the deadline.

The CBN had recently introduced redesigned N200, N500, and N1, 000 notes. The Bank said the policy would enable it mop up the N2.7 trillion it claimed was kept outside the banking system. It added that the policy would also curb terrorism financing while hastening the country’s drive for a cashless economy.

However, governors belonging to ruling party have faulted the policy, given the harrowing experiences of many Nigerians in accessing the new notes.

The naira scarcity has consequently ignited angry reactions from Nigerians and fuelled protests in some parts of the country.

As part of its fallouts, angry mobs have protested inside some banking halls and, in some instances, destroyed their infrastructure.




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