The Nigeria Governors’ Forum (NGF) has advised the federal
government and the Central Bank of Nigeria (CBN) to address the concerns raised
over the naira redesign policy.
The policy, which has been followed by scarcity of naira
notes, has led to protests in parts of the country.
In a communiqué issued at the end of a meeting held on
Saturday, the governors said the hardship brought on by the scarcity of naira
notes could have been avoided.
While noting that the scarcity of naira notes could lead to
a “CBN-induced recession”, they also urged the apex bank to take urgent
measures to address the situation, following the ruling of the supreme court on
the deadline for the old naira notes.
“While we acknowledge
the submission of the Attorney General of the Federation that the Federal
Government will comply with the ruling of the Supreme Court which calls for the
halting of CBN’s plan to end the use of the old currency notes, we are yet to observe
changes in the financial system,” the communiqué, signed by Aminu Tambuwal, NGF
chairperson, reads.
“Consequently, we call on the Federal Government and the CBN
to respect the Rule of Law and listen to the voice of reason expressed by
Nigerians and several other stakeholders including the Council of State, before
the damage to our economy becomes too great to fix by the next administration.”
The governors also said state attorneys-general will be
directed “to review the suit at the Supreme Court with a view to consolidating
the legal reliefs pursued by States”.
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