HeadlineCourt Bars CBN, Buhari From Extending Deadline For Old Naira Notes

Court Bars CBN, Buhari From Extending Deadline For Old Naira Notes


February 06, (THEWILL) – A Federal Capital Territory High Court presided over by Justice Eleojo Enenche, has barred the Central Bank of Nigeria (CBN) and President Muhammadu Buhari from extending the February 10 deadline to phase out the old N1000, N500 and N200 notes.

Delivering a ruling on Monday, in the suit marked FCT/HC/CV/2234/2023, the court also barred the CBN and the President from making an order to stop or suspend the redesigned naira notes, 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 notes being 10th day of February, 2023, pending the hearing and determination of motion on notice,” the court held.

The CBN, President Muhammadu Buhari, and several banks are the defendants in the suit.

In a motion ex parte filed by five of the 18 political parties, Justice Enenche also granted an order directing the CEOs 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 the supply of such notes by the CBN.

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