Governors Reject Presidency’s Offer To Withdraw Suit From The Supreme Court
Governors Reject Presidency’s Offer To Withdraw Suit From The Supreme Court

Governors Reject Presidency’s Offer To Withdraw Suit From The Supreme Court

Governors Reject Presidency’s Offer To Withdraw Suit From The Supreme Court

Governor Nasir El-Rufai of Kaduna State has said that the state governors had rejected an offer of the Federal Government to withdraw their suit against the implementation of the naira notes swap from the Supreme Court.

The governor said that Federal Government after the Wednesday’s Supreme Court’s ruling on the naira notes swap, made the offer through some unnamed officials.

According to the governor, the presidency offered to recirculate the old N200 notes until april 10, because the old N500 and N1,000 notes deposited by banks with the Central Bank of Nigeria (CBN) had been destroyed.

The governor in a statement said the governors however, had a reliable information that the old N500 and N1,000 notes were still in the coffer of the banks as at last Monday.

El-Rufai also said the governors rejected the offer on the ground that the old N200 notes to be recirculated back into the system could not solve the crisis caused by the naira swap, except adequate new notes were injected into the system.

He stated that the information at the disposal of the governors showed that a minting company could not print more than n1 trillion in a year.

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Buhari Says Old N500 And N1,000 No More Legal Tender, Allows Recirculation Of Old N200 Notes For 60 Days

The Protest:

The protests against the scarcity of petrol and the naira swap crisis has continued to spread.

In Ilorin, the Kwara State capital, protesters barricaded major roads and made bonfire on them.

This caused traffic gridlock, disrupting movement within the city, and police had to be deployed to restore order.

Governor Abduraman Abdulrazak in a statement urges people in the state to remain calm, and that he felt their pains.

In Ibadan, the Oyo State capital, protests resumed early in the morning, forcing banks, businesses and other retail outlets to hurriedly shut down.

The protests which started at Eleyele later spread to the New Garage, Challenge, Orita and Molete.

Cars were turned back at some point while some schoolchildren were forced to return home as a result of the protest.

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Commercial activities were grounded as the Mokola Road was turned into a football field.

Most major roads were deserted as many residents resorted to trekking long distances.

Some fish sellers took their protest to a private radio station in Ibadan, claiming that they sold all their products on Tuesday, accepting the old notes but on getting to the strongrooms to their bank to deposit the funds, no one was willing to sell to them.

Meanwhile, the old N200, N500 and N1,000 notes still remain legal tender, as the Supreme Court adjourned hearing of the suit, filed by some state governments to challenge the February 10 deadline for the withdrawal of the notes.

The Supreme Court on Wednesday, said its February 8 order extending the deadline till February 15, subsists till February 22, when it will hear the motion filed by the state governments.

The Kaduna State Government’s Counsel, Abdukareem Mustapha, at the resumption of hearing on Wednesday, drew the attention of the apex court to the Federal Government’s flouting of its February 8 order, by declaring the old notes invalid as from February 10.

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