Nigeria Risks CBN-Induced Recession, Governors Warn
Written by Adewale Adeyemi on February 13, 2023
The Nigeria Governors’ Forum (NGF) has warned that the continuous scarcity of the N200, N500 and N1,000 new notes may lead to economic recession as well as severe food inflation.
The Forum, in a communique issued at the end of its meeting on Saturday, lamented that though the Attorney General of the Federation, Abubakar Malami (SAN), said the Federal Government would comply with the order of the Supreme Court of Nigeria nullifying the February 10 deadline for the validity of three old notes, Nigerians have not experienced any change so far.
Royal Time reports that the Central Bank of Nigeria (CBN) had extended the deadline for the swap of old N200, N500 and N1,000 from January 31 to February 10 but the Supreme Court held that the Federal Government, the CBN, commercial banks must not continue with the deadline pending the determination of a notice in respect of the issue on February 15.
At least five states have sued the Federal Government over the deadline for three old naira notes