CBN’s directive to DMBs laudable, Nigerians should expect more Naira notes to ease hardships –Governor

*Governor Bello Matawalle of Zamfara State lauds the Central Bank of Nigeria on directive to commercial banks to dispense old N200, N500 and N1000 notes, says ‘all Nigerians can now heave a sigh of relief on this matter, and we expect more cash to be in circulation to ease our pains’

Isola Moses | ConsumerConnect

Sequel to the Central Bank of Nigeria’s (CBN) compliance with the Supreme Court’s ruling validating the old Naira notes, Governor Bello Matawalle of Zamfara State, has stated Nigerian consumers can now heave a sigh of relief as more cash is expected in circulation.

ConsumerConnect reports Governor Matawalle, in a swift response contained in a statement issued Tuesday, described the CBN’s directive to the Deposit Money Banks (DMBs) to act accordingly as a victory for all Nigerians.

Governor Bello Matawalle of Zamfara State

The Bankers’ Bank, in a statement issued Monday, had directed the commercial banks in the West African country to dispense and accept old N200, N500 and N1000 notes until December 31 this year in accordance with the recent Supreme Court’s order.

It is recalled that Zamfara State along with Kaduna and Kogi states formed the trio of the states controlled by the All Progressives Congress, which approached the Supreme Court to challenge the implementation of the Naira redesign policy.

Zailani Bappa, Spokesman   to Zamfara State Governor in the statement, said Matawalle maintained the lawsuit about 16 states instituted against the Federal Governments and CBN on the Naira redesign policy is for the good of the country’s micro-economy and the well-being of the average Nigerian.

The governor also stated: “All Nigerians can now heave a sigh of relief on this matter, and we expect more cash to be in circulation to ease our pains, while those who were unable to replace their old naira notes with the scarce new notes will no longer lose their hard-earned money.

“Those who accused us of going to court for the sake of the presidential elections, even as Nigerians groaned under the policy implementation, are now proven wrong as we did not relent until we succeeded in achieving our demand to its logical conclusion.”

Matawalle as well commended President Muhammadu Buhari for distancing his administration from any attempt to disrespect the verdict of the Supreme Court on this issue, believing the President’s action has greatly facilitated the victory of the people.

The Zamfara State Chief Executive, therefore, is optimistic that all deposit money banks will totally comply.

He urged the citizenry to “fully recognise the value of the old Naira notes” until December 31, 2023.