By 
The Central Bank of Nigeria (CBN) has been prevented from extending the deadline for the use of old naira notes by a high court in the Federal Capital Territory (FCT).
On January 29, the apex bank extended the withdrawal deadline for the old naira notes to February 10.
In a case titled FCT/HC/CV/2234/2023, Justice Eleojo Enenche issued a ruling on Monday, February 6, directing the CBN not to extend the deadline until the suit’s outcome is known.
The suit named the CBN, President Muhammadu Buhari, and a number of banks as defendants.
The court ruled that “An order of interim injunction is hereby made restraining the defendants 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”
“Directing and mandating the defendants whether by themselves, staff, agents, officers, interfacing banks or whosoever described to comply with, implement, and give effect to the currency redesign and restructuring of the old N200, N500, and N1000 bank note on or before the last day of February, 2023, pending the hearing and determination of motion on notice,” the judge added to the order of interim injunction.
The court also ordered the heads of banks, 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, neither paying nor 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 order will be in effect for seven days prior to the February 14 hearing on the notice motion.
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