Business Maverick: Governors Sue Nigeria Over Naira Redesign as Cash Vanishes

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 66 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 30%
  • Publisher: 84%

Belgique Nouvelles Nouvelles

Belgique Dernières Nouvelles,Belgique Actualités

Nigeria’s demonetization plan is causing a schism within the ruling All Progressives Congress.

Three state governors — from Kaduna, Kogi and Zamfara in the north of the country — all belonging to the ruling party sued the federal government, seeking the suspension of the central bank’s plan that has caused a cash crisis and disrupted transactions in Africa’s largest economy.

The governors appealed to the nation’s Supreme Court to rule on the legality of the Central Bank of Nigeria’s decision to replace 2.7 trillion 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.

To be fair, India’s experience with its demonetisation was sufficiently well-documented; it’s not like any other country would not have known what to expect“The Naira is scarce,” the state governors said in a statement supporting their court case. “Economic activities are furiously grinding to a halt. Vast quantity of official worktime is spent looking for the scarce notes and hunger stalks the entire landscape of Kaduna, Kogi and Zamfara States. The States are on the verge of anarchy.

The governors said that rural residents, who live far from bank branches, “have so far been unable to deposit their life savings, which are still in the old naira notes.” President Muhammadu Buhari last week asked for a week in order to resolve the crisis. He blamed selfish and inefficient banks for the chaos and that an extension of the time frame for the exercise will not make any difference “as long a greed and selfishness continue to guide our actions.”

 

Merci pour votre commentaire. Votre commentaire sera publié après examen.
Nous avons résumé cette actualité afin que vous puissiez la lire rapidement. Si l'actualité vous intéresse, vous pouvez lire le texte intégral ici. Lire la suite:

 /  🏆 3. in BE

Belgique Dernières Nouvelles, Belgique Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

Impending removal of Premier Ntombela rooted in ANC factionalism: Opposition - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Opposition parties in the Free State say the imminent removal of Premier Sisi Ntombela is rooted in African National Congress (ANC)'s factional battles. They have been complaining about her but now they sing different song This Premier has been allowing lawlessness and not resolving municipal issues. How if u have an honor to serve your province you would rather serve an individual ? Mme Ntobembela must go, I support. How is this even their business?
La source: SABCNews - 🏆 37. / 51 Lire la suite »

Four new ANC MPs to be sworn-in on Monday - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.The African National Congress (ANC) caucus in Parliament has welcomed four new members that have been deployed to serve in the National Assembly.
La source: SABCNews - 🏆 37. / 51 Lire la suite »