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Court stops CBN from extending deadline for naira swap



Justice Eleojo Enenche of the Federal Capital Territory (FCT) High Court on Monday restrained the Central Bank of Nigeria (CBN) from extending the deadline for the naira swap.

The apex bank on January 29 extended the deadline for the withdrawal of the old naira notes from circulation to February 10.

The judge, who gave the ruling in a suit marked FCT/HC/CV/2234/2023 filed by four political parties, asked the CBN to go ahead with the implementation of the policy on naira redesign.

The parties are the Action Alliance (AA), Action Peoples Party (APP), Allied Peoples Movement (APM), and National Rescue Movement (NRM).

President Muhammadu Buhari, the CBN, and 27 commercial banks in the country were listed as respondents in the suit.

Justice Enenche also granted an order directing the Chief Executive Officers of the banks, to explain why they should not be arrested and prosecuted for the financial sabotage of the country by hoarding the new N200, N500, and N1000 bank notes despite the supply of such notes by the CBN.

READ ALSO: 13 political parties threaten to withdraw from election if CBN shifts deadline for naira swap

Nigerians have been keeping vigil at banks and Automated Teller Machines (ATMs) posts since last week as the scarcity of the currency notes hits many homes across the country.

Some groups had threatened to embark on protests over the scarcity of the new naira notes.

The judge directed the apex bank not to extend the deadline pending the determination of the suit.

He said: “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 the motion on notice.”

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