Three Nigerian state governors from Kaduna, Kogi and Zamfara, have approached the Supreme Court seeking a halt to the Nigerian apex bank’s demonetization plan that has caused a cash crisis and disrupted transactions in all spheres of the economy.
The governors in their prayers to the Supreme Court are asking the Court to rule on the legality of the Central Bank of Nigeria’s decision to replace 2.7 trillion Naira worth of high denomination bills with redesigned notes, the reasonableness of the six-week window to phase out the old bills, and whether the central government is exceeding its powers.
In a document obtained by Bloomberg, the governors asked the court to immediately suspend the exercise until the government “complies with relevant provisions of the law”.
