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Naira redesign: Group calls for N2 trillion compensation for Nigerians, threatens legal action  

Nigerians who suffered the consequences of the extended naira Redesign scheme should be compensated with the sum of N2 trillion. 

This was disclosed in a letter to the CBN by the Save Nigeria Movement (SNM) through its legal representative, Sorkaa & Associates on July 6th and revealed on Sunday. 

The Civil Society Organisation said the Central Bank of Nigeria (CBN) should compensate Nigerians with two trillion Naira for losses during the naira redesign by the suspended Governor, Godwin Emefiele. 

Compensation 

  • Save Nigeria Group noted that the figure represents one trillion naira compensation for Nigerians with bank accounts and another one trillion naira for those without bank accounts, citing that it would take legal action if the apex bank failed to act within 30 days of their notice, they said: 
  • “We have been briefed by Save Nigeria Movement (SNM), a Non-Governmental Organisation (hereinafter referred to as ‘our client’), and our legal services retained. 
  • “The brief of our client reveals that the CBN Naira Redesign Policy introduced in December 2022 to expire in February 2023 brought enormous hardship to Nigerians as attested by the former Senate President, Ahmad Lawan. 
  • “President Bola Tinubu faulted the suspended Governor of CBN for harshly implementing the Naira redesign policy, stating that there are many Nigerians that suffered within the implementation of the policy. 
  • “The brief of our client further reveals that the Governor’s court case against the CBN at the Supreme Court, which they won, ordered that the new and old naira notes remain legal tender until Dec. 31, 2023. 

Illegality 

They letter noted that  the Supreme Court victory for an extension of the scheme, confirmed the illegality of the CBN’s entire policy, adding: 

  • “We hereby demand on behalf of our client the immediate payment of one trillion naira only as compensation to every Nigerian with a bank account who suffered from the economic terrorism of the suspended CBN Governor. 
  • “We hereby also demand on behalf of our client the immediate payment of one trillion naira only as compensation to every Nigerian without a bank account who suffered from the economic terrorism of the suspended CBN Governor. 
  • “Take note that should you fail or refuse to meet the demands of our legal correspondence upon receipt within the next seven days, that is counting from July 6 when we sent the letter, we will not hesitate to take legal steps forthwith without recourse to you. 

The Group through its legal counsel urged the CBN to please act wisely and pay compensation to Nigerians who had bank accounts and those who did not have bank accounts.