High court restrains CBN from extending deadline on use of old naira notes

The Central Bank of Nigeria (CBN) has been barred from extending the deadline for the use of obsolete naira notes by a Federal Capital Territory (FCT) high court.
On January 29, the APEX bank extended the deadline for withdrawing obsolete naira notes from circulation until February 10.

Justice Eleojo Enenche, in a judgment delivered on Monday, February 6, in a matter titled FCT/HC/CV/2234/2023, instructed the CBN not to extend the deadline until the outcome of the litigation.
The action named the CBN, President Muhammadu Buhari, and many banks as defendants.
“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 motion on notice,” the court held.
The judge also made an order of interim injunction “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 10th of February, 2023, pending the hearing and determination of motion on notice”.
The court further directed the bank heads, 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, nor paying or 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 2nd and 3rd defendants, thereby leading to the present scarcity of currency notes in circulation”.
The order will be in effect for seven days until the request for notice is considered on February 14.