Naira Swap: Court Issues New Decision Regarding CBN’s Time Limit for Utilizing Old Notes
Nigerians’ hope that the CBN’s February 10 deadline for the use of old naira notes may be extended may have just been dashed
This is as a Federal Capital Territory (FCT) high court reportedly barred the apex bank from extending the deadline
Eleojo Enenche, presiding judge of the FCT high court, ordered the CBN not to extend the deadline pending the determination of a suit before him
A Federal Capital Territory (FCT) high court has reportedly compelled the Central Bank of Nigeria (CBN) to go ahead with the full implementation of the controversial naira redesign policy.
The court delivered the ruling on Monday, February 6, in the suit marked FCT/HC/CV/2234/2023, according to a report filed by TheCable.
WOTHAPPEN gathers that the court restrained the CBN from extending the deadline on the use of old naira notes.
The CBN, President Muhammadu Buhari, and several banks were included as defendants in the suit.
February 10 deadline: What judge told CBN
Eleojo Enenche, presiding judge of the FCT high court, ordered the CBN not to extend the deadline pending the determination of the suit.
“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.
Old Naira notes: Nigerians react
Gboyemi Olubukola said on Facebook:
“Don’t jeopardize the right or good intention of Redesigning of Naira by putting a common Nigeria under an untold hardship.”
Dupe Adesoye said:
“Who went to court, as it stands now, person need to dey shout God abeg oooo, like morning afternoon nd night at least to fit survive for this country now.”
King Jay said:
“APC politicians will start crying again, watch.”
Goodluck Owigho said:
“Nothing will shock me in this APC government again since some youths are still ready to vote for APC and PDP what can I say.”
Naira redesign: Three northern states drag Buhari to court
Meanwhile, President Muhammadu Buhari’s naira redesign policy has pitched him against his kinsmen as three northern states have dragged him to the Supreme Court.
The states, Kaduna, Kogi and Zamfara states, expressed their worries about the effects of the Central Bank of Nigeria’s naira redesign policy while asking the apex court for a restraining order on the full implementation of the policy.
In an ex-parte motion filed through their lawyer, AbdulHakeem Uthman Mustapha (SAN), the states asked the court for an interim injunction to stop the Buhari-led federal government either by itself, acting through CBN, commercial banks or its agents from carrying out the plan.