Naira Redesign: Court Bars CBN From Extending Deadline For Use Of Old Naira Notes

Naira Redesign: Court Bars CBN From Extending Deadline For Use Of Old Naira Notes

The Federal Capital Territory (FCT) High Court has barred the Central Bank of Nigeria (CBN), President Muhammadu Buhari, and 27 commercial banks from suspending or interfering with the February 10 currency redesign terminal date, or issuing any directive contrary to the said date.

In its order, the court barred the CBN from extending the deadline for the use of old naira notes.

Justice Eneojo Eneche of the FCT court granted an order directing the Chief Executive Officers (CEOS) of the banks to show cause why they should not be arrested and prosecuted for financial sabotage of the country by illegally hoarding and failing to disburse the new N200, N500, and N1000 bank notes, despite the supply of such notes by the central bank, in response to a motion by five political parties.

The court held, “An order of interim injunction is hereby made restraining the defendants whether by themselves, staff agents, officers, interfacing banks or whosoever not to suspend, stop, extend, vary or interfere with the extant termination date of use of the old N200, N500, and N1000 bank note being 10th day of February 2023, pending the hearing and determination of the motion on notice.”