Old naira notes: Court stops CBN, FG from extending deadline

An Abuja High Court has stopped the Federal Government and the Central Bank of Nigeria (CBN) from extending the deadline for the validity of the old naira notes.

The court, on Monday, also restrained President Muhammadu Buhari, CBN Governor, Godwin Emefiele, and 27 commercial banks from suspending, stopping, extending, or interfering with the currency redesignation terminal date of February 10, 2023, or issuing any directive contrary to the date.

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The presiding judge, Justice Eleoje Enenche, while ruling in a motion exparte filed by five of the 18 political parties, granted an order directing the CEOs of the banks to show cause why they should not be arrested and prosecuted for the economic and financial sabotage of the country by their hoarding, withholding, not paying or disbursing the new 200, 500, and 1000 naira notes despite supply of such notes by the CBN.

The order also restrained banks’ CEO and their officials who have been alleged to be hoarding the new bank notes and trading with them, thereby causing untold hardship to Nigerians.

The Star