Edo: Why we joined suit supporting CBN’s naira redesign policy

The Edo state government has explained why it is not supporting other states in the suit challenging the Central Bank of Nigeria (CBN) over the naira redesign policy.

On Wednesday, seven states — Lagos, Katsina, Cross-River, Ogun, Ekiti, Ondo, and Sokoto joined Kaduna, Kogi, and Zamfara joined as plaintiffs in the suit which has the attorney-general of the federation as the sole respondent.

Only Edo and Bayelsa joined the AGF as respondents.

Explaining the state’s position in a statement on Thursday, Oluwole Iyamu, Edo attorney-general, said the states opposing the policy are self-seeking and do not genuinely care about the welfare of their indigenes.

He noted that strategies put in place by the state government for the implementation of the new policy are already yielding results.

“Firstly, it is not true that the plaintiffs, in that case, have suddenly become the people-loving Patriots they seek to present themselves as,” Iyamu said.

“The object of the suit is to create a legal opening to flood the nation with massive quantities of old notes which have been stockpiled in anticipation of the forthcoming election.

“The position of the Edo state government is that what is required is the availability of legitimate cash for our ordinary citizens. All pressure needs to be brought on the CBN and the FGN in this regard.

“The supreme court suit as presently constituted only serves the interests of the ruling party faction which believes that huge infusions of illicit cash can aid their electoral fortunes.

“We do not consider it our duty to assist these illicit interests by supporting their suit.

“The reality is that as of today, most legitimate N200, N500 & N1,000 notes have been deposited.

“The real problem is the availability of replacements from the banking system.

“Our intervention to seek adjustments in the implementation process is already yielding fruits despite the strident cries and inflammatory rhetoric of those born-again people advocates who disguise their malevolence as concern for the masses.

“That is our position which we believe is in line with the best wishes of our people.

“In a few days, our position shall be vindicated.”