TheCable

Bello Matawalle, governor of Zamfara state, says residents rejecting the old N200, N500 and N1000 naira notes should be arrested.

Matawalle spoke on Friday at the swearing in ceremony of high court judges and special advisers in Gusau, the Zamfara capital.

He said the old currency should remain the legal tender pending the final ruling of the case by the three northern governors against the federal government and the Central Bank of Nigeria (CBN).

The governors of Kaduna, Kogi and Zamfara had earlier filed legal action against the FG to stop the full implementation of the naira redesign policy.

Matawalle said the deadline placed on the use of the old naira notes is escalating the security situation in the state.

“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,” the statement reads.

“This decision compounded the already dire situation of our state occasioned by banditry and sundry crimes, which significantly disrupted economic activities in the state and the subregion over the years.

“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.”

He added that the ruling of the Supreme Court will ease the hardship of the currency scarcity on the people.

“Gladly, the Supreme Court has given an interim injunction barring the CBN from enforcement of its plan of derecognizing the old notes as legal tender from today, pending its final ruling on the matter on February 15th,” he added.

“This courageous decision by the Supreme Court has no doubt saved the country from sliding into a crisis of great proportion that may affect the peace and stability of the country and possibly prevent the holding of the general elections billed for this month.

“Alhamdullilah, old naira notes will remain legal tender, and the people can continue with their legitimate businesses and earn their livelihoods without fear or concern.”

Niger on Saturday became the fifth state to file a suit against the federal government on the naira redesign policy.