Nigeria Governors’ Forum (NGF) has advised the federal government and the Central Bank of Nigeria (CBN) to address the concerns raised over the naira redesign policy.

The policy, which has been followed by scarcity of naira notes, has led to protests in parts of the country.

In a communiqué issued at the end of a meeting held on Saturday, the governors said the hardship brought on by the scarcity of naira notes could have been avoided.

While noting that the scarcity of naira notes could lead to a “CBN-induced recession”, they also urged the apex bank to take urgent measures to address the situation, following the ruling of the supreme court on the deadline for the old naira notes.

“While we acknowledge the submission of the Attorney General of the Federation that the Federal Government will comply with the ruling of the Supreme Court which calls for the halting of CBN’s plan to end the use of the old currency notes, we are yet to observe changes in the financial system,” the communiqué, signed by Aminu Tambuwal, NGF chairperson, reads.

“Consequently, we call on the Federal Government and the CBN to respect the Rule of Law and listen to the voice of reason expressed by Nigerians and several other stakeholders including the Council of State, before the damage to our economy becomes too great to fix by the next administration.”

The governors also said state attorneys-general will be directed “to review the suit at the Supreme Court with a view to consolidating the legal reliefs pursued by States”.

The Cable