Court Imposes A February 10 Deadline On Buhari And CBN

President Muhammadu Buhari is prohibited from further extending the February 10 deadline after a Federal Capital Territory (FCT) High Court ordered the Central Bank of Nigeria (CBN) and 27 commercial banks to proceed with the full implementation of the naira redesign strategy.

The court, presided over by Justice Eleojo Enenche, also granted an order directing the CEOs of the 27 commercial 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 illegal hoarding, withholding, not paying or diversion of funds. The motion was filed by four political parties, including Action Alliance (AA), Action Peoples Party (APP), Allied Peoples Movement (APM), and National Rescue Movement

In a decision handed down yesterday in a case with the filing number FCT/HC/CV/2234/2023, the court barred CBN from extending the time limit for using old naira notes while the case was being decided. The order will be in effect for the first seven days, or until February 14 when the request for notice is heard.

According to the court, “An order of interim injunction is hereby made prohibiting the defendants, whether by themselves, staff, agents, officers, interfacing banks or whomsoever, from suspending, stopping, extending, varying or interfering with the existing termination date of use of the old N200, N500, and N1,000 bank notes, which is February 10, 2023.”