close
Tuesday, February 7, 2023

Court bars CBN from extending new notes deadline beyond February 10

Some political parties had sought the order from the court, naming president Buhari, CBN, Godwin Emefiele and 27 banks as defendants.

• February 6, 2023
New Naira notes
New Naira notes

The Wuse Zone 2 Division of the FCT High Court has barred President Muhammadu Buhari and the Central Bank of Nigeria (CBN) from further extending the deadline for submission of old naira notes beyond February 10.

Justice Eleojo Enenche on Monday restrained “the Defendants whether by themselves, staff agents, officers, interfacing barks or whoever NOT to pend, stop, extend, vary or interfere with the extertermination date of use of the old N200, 500, end N1000 bank note being 10 day of February, 2023 pending the hearing and determination of Motion on Notice.”

The Action Alliance (AA), Action Peoples Party (APP), Allied Peoples Movement (APM), and the National Rescue Movement (NRM) had sought the order and named president Buhari, CBN, Godwin Emefiele and 27 banks as defendants in the suit.

Some of the banks include Zenith Bank, Guaranty Trust Bank, First Bank, Eco Bank, Wema Bank, Fidelity Bank, Provides Bank and others.

Earlier today, three governors — Nasir El-Rufai of Kaduna, Yahaya Bello of Kogi, and Bello Matawalle of Zamfara — had asked the Supreme Court for a temporary restraining order to stop president Buhari’s regime and the CBN from continuing the implementation of the naira redesign policy.

Supporters of the All Progressives Congress (APC) and other politicians running for offices in the general elections vehemently opposed the February 10 deadline, have mounted pressure on Mr Buhari to extend the deadline for the validity of the old naira notes.

While some individuals have bemoaned the scarcity of the new notes and requested that they be made more widely available, others have hailed the naira redesign as a brave step to stop voter inducement at the general elections, which are just a few weeks away.

The court order is expected to end all agitations regarding the deadline for submitting the old currency notes.

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

States

Fire guts Akure filling station

The Optimal Filling Station located on Aule Road in Akure caught fire on Monday.

Anti-Corruption

EFCC, CBN officials in Zenith, UBA, Access, Keystone, First Bank over naira scarcity

CBN and EFCC officials visited Polaris, Keystone, Zenith, Unity, Heritage, First Bank, Access, UBA, etc.

Earthquake in Turkiye

World

UN launches emergency response after Türkiye, Syria quakes

The Turkish government has issued a Level 4 alarm, calling for international assistance.

Malian President Assimi Goita

Africa

UN tells Mali to reverse expulsion of top representative Guillaume Ngefa

Mr Ngefa was already outside Mali when the decision was announced.

Human and Environmental Development Agenda, HEDA

Rights

HEDA admonishes CBN to review cash ratio policy, monitor PoS operators reselling new notes to partygoers

The group asked the CBN partner with law enforcement agencies to arrest the defaulters and bring them to book.

Christian Atsu

Sport

Christian Atsu found alive hours after being trapped under rubble from Türkiye earthquake 

Twin earthquakes rocked Türkiye and Syria in the early hours of Monday, leading to the death of more than 2,300 people.