Abdul Lawal with agency report

Investigation has revealed increasing confusion among Nigerians and major stakeholders on the prolonged struggle to get the new naira notes dominate the domestic market.

Gradually losing hope on the new Naira policy introduced by the Central Bank of Nigeria (CBN), many Nigerians were seeing lobbying hopelessly around the premises of commercial banks across the country, even as many of the banks have closed their branches to the public due paucity of new Naira notes and the lingering fuel shortages across the country.

Less than 24 hours Few to the deadline set by the CBN (Feb 10, 2023) for the old notes to cease to be legal tender, stakeholders worries is compounded by the Wednesday Supreme Court order and the position of the Federal Government through the Minister of Justice and Attorney General of the Federation, Mallami challenging the order of the court on the matter.

Supreme court had on Wednesday annulled the CBN deadline of February 10 as the last date the old notes would be acceptable.

A seven-man panel led by Justice John Okoro in a unanimous ruling on Wednesday ordered that the notes remain in circulation after Friday, stopping the Federal Government in an exparte application brought by three northern states of Kaduna, Kogi and Zamfara.

The apex court ordered commercial banks and other financial institutions to continue transacting with the old notes pending the determination of the motion at the apex court on February 15.

In a preliminary objection filed on Wednesday through his lawyers, Mahmud Magaji and Tijanni Gazali, the Attorney-General of the Federation (AGF) argued that the Supreme Court lacked the jurisdiction to entertain the matter.

The AGF contended that the plaintiffs have equally not shown reasonable cause of action against the defendant

Meanwhile, the Nigerian Labour Congress (NLC), has issued a seven day notice for the Federal Government to resolve the new naira notes scarcity or face industrial action at the expiration of the warning.

The newly elected National President, NLC, Joe Ajaero issued the warming shortly after been sworn in as the 13th President of NLC in Abuja on Wednesday.

He maintained that the hardship has been endured for so long hence the need to for government to resolve the issue of naira scarcity faced Nigerians.

He called on stakeholders and government in the country to end the scarcity of naira notes pledging to lead the battle on how make cash can be made available to the citizens.

In his acceptance speech, Ajaero promised to open new vistas for Nigerian workers, saying that NLC will work closely with all social partners.

He stated that the NLC will pursue with urgency a new national minimum wage law, adding that the move will centre on how to create more employment for Nigerians.

He also harped on due process against anti people policy and stop impunity in the country; therefore work round the close to review privatisation of the power sector.