Naira: Court Bars CBN From Extending Deadline, Questions Bank CEOs

CBN Clarifies Rumours On New Naira Notes

The Federal Capital Territory (FCT) High Court’s Justice Eneojo Eneche has 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 issuing any directive contrary to that 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 financial sabotage of the country by illegally hoarding and failing to disburse the new ₦200, ₦500, and ₦1000 bank notes, despite the central bank’s supply of such notes.

BizWatch Nigeria recalls that Gowdin Emefiele, the Governor of CBN reinstated that the deadline (February 10,2023) would not be extended. Even though banks and CBN would still collect the old notes, Nigerians are not permitted to use the old naira notes as a legal tender after the deadline.

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