Showdown As Court Stops Buhari, CBN From Extending February 10 Deadline On Naira Notes

A High Court of the Federal Capital Territory at Wuse Zone 2, on Monday, issued an order, to restrain President Muhammadu Buhari and the Central Bank of Nigeria, CBN, from extending or interfering with the February 10 deadline for the use of the old N200, N500 and N1000 naira bank notes.

The court issued the order, following an ex-parte application that was brought before it by four political parties.

The political parties behind the suit marked FCT/HC/CV/2234/2023, are the Action Alliance, AA, Action Peoples Party, APP, Allied Peoples Movement, APM, and the National Rescue Movement, NRM.

Specifically, the court, in the ruling that was delivered by Justice Eleojo Enenche, held; “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.”

“An order is hereby made directing the Heads and Chief 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 a there alleged act of hoarding, withholding, not paying or disbursing the new N200, N500 and N1000 bank notes, being the legal tender of the Federal Republic of Nigeria to their respective customers, despite supplies of each of such currency notes by the 2nd and 3rd Defendants, thereby leading to the present currency note in circulation”.

The court held that the interim orders barring President Buhari and the CBN from interfering with the deadline on the naira note would be for an initial period of seven days, even as it adjourned the matter till February 14 for a hearing.

Aside from President Buhari, the CBN and its Governor, Mr Godwin Emefiele, 27 commercial banks were cited as Respondents/Defendants in the matter.

Source: Vanguard

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