BREAKING: Court orders CBN not to extend deadline on use of old naira notes

A Federal Capital Territory, FCT, High Court has restrained the Central Bank of Nigeria (CBN) from extending the deadline for the use of the old naira notes.

The court also ordered the CBN to fully implement the redesigned naira.

This was according to the ruling delivered by Justice Eleoje Enenche of the court on Monday, February 6, 2023, in a suit marked FCT/HC/CV/2234/2023.

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In a motion exparte filed by five of the 18 political parties, Justice Enenche also granted an order directing the CEO’s of the banks and their alter egos 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 N200, N500 and N1000 bank notes despite supply of such notes by the CBN.

The order also ties the hands of bank CEO’s and their staff who have been alleged to be hoarding the new bank notes and trading with them thereby causing untold hardship to ordinary citizens.

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“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 motion on notice,” the court held.

The CBN had set January 31st as the deadline for the exchange of old naira notes with the redesigned ones.

CBN had redesigned N200, N500, and N1000 notes.

Amid the outcry that occasioned the scarcity of the naira, the apex bank had extended the deadline till February 10.

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