Court orders CBN not to extend deadline for Naira swap

The Federal Capital Territory (FCT) High Court, on Monday ordered the Central Bank of Nigeria (CBN), President Muhammadu Buhari and 27 commercial banks not to extend the February 10 deadline for the swapping of old Naira notes with new ones.

Four political parties, Action Alliance, Action Peoples Movement, Action Peoples Party and National Rescue Movement, had gone to court to seek an injunction asking the CBN, Buhari and the banks from extending the deadline for the Naira swap.

Justice Eneojo Eneche, in his ruling granted an interim order of mandatory injunction directing and Mandating the Defendants, whether by themselves, staff, agents, officers, interfacing banks or financial institution or whosoever described to comply with, implement and give effect to the currency redesign and restructuring of the old M200, N5000 and N1000 banks note on or before the last date of 10th of February, 2023, pending the hearing and determination of Motion on Notice.

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He also granted an order of interim injunction restraining the defendants whether by themselves, soft 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, N1000 bank note being 10th day of February, 2023 pending the hearing and determination of Motion on Notice.

The judge further granted an order directing the Head, Executive Officers, Managing Directors and/or alter egos of the 4th to 30th Defendants to forthwith show cause as to why they shall not be arrested and prosecuted for the Economic and Financial sabotage of the Federal Republic of Nigeria by their illegal act of hoarding, withholding, not paying or disbursing the new N200, N500 and N1,000 bank note, being the legal tender of the Federal Republic of Nigeria to their respective customers, despite supplies of such currency note by the 2nd and 3rd Defendants, thereby leading to the present scarcity of currency notes in circulation.

“This Order shall be for on initial period of Seven Days. The matter is adjourned to 14th February, 2023 for hearing of the Motion on Notice,” the judge said.