Court Compels The Central Bank of Nigeria (CBN) to go Ahead With Full Implementation of the Naira Redesign.
A High Court in the Federal Capital Territory (FCT) has directed the Central Bank of Nigeria (CBN), President Muhammadu Buhari and 27 commercial banks not to extend the deadline for the collection of old naira notes beyond February 10, or issue any directive contrary to the said date.
The court in its order restrained the CBN from extending the deadline on the use of old naira notes.
In a motion by 5 political parties, Justice Eneojo Eneche of the FCT court also granted an order directing the Chief Executive Officers (CEOS) of the banks, to show cause why they should not be arrested and prosecuted for the financial sabotage of the country, by illegally hoarding and not disbursing the new N200, N500, and N1000 bank notes, despite the supply of such notes by the central bank.
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,”
