The Federal Capital Territory (FCT) High Court, has stopped the Central Bank of Nigeria (CBN), President Muhammadu Buhari and 27 commercial banks from extending the deadline for the use of the old naira notes.
Justice Eneojo Eneche of the Federal Capital Territor, gave the order while delivering ruling in a suit marked FCT/HC/CV/2234/2023, on Monday.
In a motion by five political parties, the 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 supply of such notes by the central bank.
The court also ordered the CBN to fully implement the redesigned naira.
“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.
