BREAKING: Court restrains Nigeria’s CBN from extending deadline on use of old naira notes

VAM News February 6, 2023 in Politics Tagged court, Nigeria's CBN, Old Naira Notes - 1 Minute

THE Federal High Court sitting in Abuja has delivered a ruling restraining the Central Bank of Nigeria from extending the deadline for the use of old naira notes.

The court delivered a decisive ruling on Monday in a case brought against the CBN, President Muhammadu Buhari, and several banks, marked FCT/HC/CV/2234/2023.

The suit – among other things – sought an extension of the deadline but the presiding judge Eleojo Enenche ordered the CBN to move forward with full implementation of the naira redesign policy with no room for extension of validity of old naira notes.

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“The defendants, including the Central Bank of Nigeria, President Buhari, and the implicated banks, are hereby restrained from suspending, stopping, extending, varying, or interfering with the current termination date of the old N200, N500, and N1000 bank notes, set for February 10, 2023, pending further hearing and determination of the case,” the court declared.