The governor of Zamfara State, Bello Matawalle, has ordered the arrest of anyone who refuses to accept the old currency notes of two N200, N500 and N1,000 naira notes in the state.
Three Northern governors have filed a suit against the federal government over the February 10 deadline for the phasing out of the affected denominations.
In its ruling, the Supreme Court stopped the federal government from enforcing the deadline, pending the determination of the motion ex-parte on February 15.
Speaking during the swearing in ceremony of new High Court judges and newly appointed special advisers, Mr Matawalle maintained that the old currency notes remain a legal tender until the final determination by the apex court.
He explained that the country’s economy has plunged into a serious crisis as a result of the new monetary policy.
“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 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. 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,” the governor said.
Mr Matawalle also commended the Supreme Court for doing the needful, saying the ruling will alleviate the suffering of the masses.
“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.
“I have joined in this salvaging mission, notwithstanding my closeness and good rapport with His Excellency, President Muhammadu Buhari,” he maintained.
