Court Bars CBN, Buhari from extending February 10 deadline for Naira swap

Admin l Monday, February 7, 2023

 

ABUJA, Nigeria – A Federal High Court sitting in Abuja has barred the Central Bank of Nigeria, CBN and President Muhammadu Buhari from further extending the February 10 deadline given to Nigerians to swap their old Naira with new notes.

The CBN had with the approval of the President extended the deadline from January 31 to February 10, with another 7 day period of grace following unavailability of the new Naira notes and pressure from political parties.

Ruling on a motion brought before it, Justice Eneojo Eneche  barred the Central Bank of Nigeria (CBN), President Muhammadu Buhari and 27 commercial banks from suspending or interfering with the currency redesign terminal date of February 10, or issue any directive contrary to the said date.

The court also granted an order directing the Chief Executive Officers (CEOs) of the banks, to show cause why they should not be arrested and prosecuted for the financial sabotage of the country, by illegally hoarding and not disbursing the new N200, N500, and N1000 bank notes, despite supply of such notes by the central bank.

This is coming just as pressure has continued to mount on the apex bank and President Muhammadu Buhari to extend the Naira swap beyond the period that the election will be held.

Leading the pack of agitators are lawmakers, governors and former governors of the ruling All Progressive Congress, APC,  while the Peoples Democratic Party, PDP  and the Labour Party  and others are favourably disposed to the policies so as to checkmate vote buying during the February 25 election.