Zamfara Governor Bello Matawalle has ordered the arrest of anyone who refuses to accept the state’s old currency notes of two hundred, five, and one thousand naira.
He stated that the old currency notes will remain legal tender until the Supreme Court rules on the case instituted against the Central Bank of Nigeria (CBN) and the federal government by three Northern Governors of Kaduna, Kogi, and Zamfara States.
Matawalle made the remarks during the swearing-in ceremony for new High Court Judges and newly appointed Special Advisers, which took place at the Government House, Chamber II in Gusau, the state capital.
He said that he and his counterparts in Kogi and Kaduna had asked the Supreme Court to let the old 200, 500, and 1000 naira notes stay in use.
“As you are all aware, the economy of the country as a whole has been plunged into a serious crisis by the decision of the Central Bank to cease recognition of the old naira notes as legal tender from February 10th. This decision exacerbated our state’s already dire situation caused by banditry and other crimes, which have significantly disrupted economic activities in the state and the subregion over the years,” Gov. Matawalle said.
“It was in consideration of the grave consequences of this disruptive policy which was not well thought out, that I took the decision to team up with the sister states of Kaduna and Kogi to seek the intervention of the Supreme Court to ensure that both the new and old naira notes remain as legal tender beyond February 10th.” Fortunately, the Supreme Court has issued an interim injunction prohibiting the CBN from enforcing its plan to decertify old notes as legal tender as of today, pending its final ruling on the matter on February 15th.
Matawalle also praised the Supreme Court for “doing the needful,” which he claims will alleviate the masses’ suffering.
“This courageous decision by the Supreme Court has no doubt saved the country from slipping into a major crisis that could threaten the country’s peace and stability and possibly prevent the holding of the general elections scheduled for this month.”
“I have joined this rescue mission despite my proximity and good rapport with His Excellency, President Muhammadu Buhari,” he insisted.
Nigerians have struggled to obtain the new notes due to scarcity and rising tensions across the country, prompting the central bank to extend the deadline by 10 days.
On February 3, President Buhari pleaded with Nigerians to give him seven days to resolve the cash crunch caused by the Central Bank of Nigeria’s policy.
The president made the call while speaking to the Progressive Governors Forum (PGF), which paid him a visit to seek solutions to the cash crunch, which they said was jeopardizing the administration’s record of economic transformation.
The Council of State had asked the CBN to make new notes or put old ones back into circulation.
