Nigerian Governors Warn against CBN-Induced Recession over Cash Crisis

Nigeria Governors’ Forum, is  warning 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 over the weekend, lamented that though the Attorney General of the Federation, Abubakar Malami , said the Federal Government should 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.

The Central Bank of Nigeria had extended the deadline for the swap of old notes 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.