The 36 State Governors have warned that the country runs the risk of Central Bank of Nigeria, CBN induced recession.
Rising from its third meeting, the Nigeria Governors Forum noted that the inability to use the new notes has had far reaching economic effects, leading to the emergence of the Naira black market, severe food inflation and variable commodities prices based on the method of exchange.
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In a statement signed by Chairman of the Forum and Governor of Sokoto State, Aminu Tambuwal, the Governors consequently called on the Federal Government and the CBN to respect the rule of law and listen to the voice of reason by various stakeholders and the Council of State before damage to the country’s economy becomes irredeemable.
The Supreme Court had on Wednesday ordered the CBN not to end the use of old Naira notes on February 10. There are fears that the body language of the apex bank is not favourably disposed to the order of the Supreme Court.
Tambuwal stated that the State Governments have agreed to direct their Attorneys-General to review the suit at the Supreme Court with a view to consolidating the legal reliefs pursued by the States.
(Editor: Terverr Tyav)
