The Federal Capital Territory High Court has prohibited the Central Bank of Nigeria (CBN) from extending the expiration date for outdated naira notes.
On January 29, the CBN had previously announced a deadline extension for withdrawing these old notes until February 10.
Justice Eleojo Enenche then delivered a ruling on Monday, February 6th, in the case FCT/HC/CV/2234/2023, demanding that CBN not expand the time limit until the legal matters were settled.
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The President of Nigeria, CBN Governor and various banks were listed as defendants in the lawsuit.
“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 court further directed the bank heads, chief executive officers, managing directors and/or alter egos 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, nor paying or disbursing the new N200, N500 and N1000 bank note, being the legal tender of the federal republic of Nigeria to their respective customers, despite supplies of each such currency note by the 2nd and 3rd defendants, thereby leading to the present scarcity of currency notes in circulation”
The court order will stay in effect for seven days up to February 14 or until further notice is received on the matter.
Originally posted 2023-02-10 20:26:39.
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