President Muhammadu Buhari, the Central Bank of Nigeria (CBN) and the nation’s 27 commercial banks have been ordered not to extend the February 10 deadline for the swapping of old Naira notes with new ones.
A Federal Capital Territory (FCT) High Court gave the order while ruling in an action brought by four political parties —
Action Alliance, Action Peoples Movement, Action Peoples Party and National Rescue Movement.
Persecondnews reports that they had approached the court to seek an injunction asking the CBN, Buhari and the banks from further extending the deadline for the Naira swap.
In his ruling Justice Eneojo Eneche, granted an interim order of mandatory injunction directing and Mandating the Defendants, whether by themselves, staff, agents, officers, interfacing banks or financial institution or whosoever described to comply with, implement and give effect to the currency redesign and restructuring of the old M200, N5000 and N1000 banks note on or before the last date of 10th of February, 2023, pending the hearing and determination of Motion on Notice.
He also granted an order of interim injunction restraining the defendants whether by themselves, soft 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, N1000 bank note being 10th day of February, 2023 pending the hearing and determination of Motion on Notice.
Eneche also granted an order directing the Head, Executive Officers, Managing Directors and/or alter egos of the 4th to 30th Defendants 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, not paying or disbursing the new N200, N500 and N1,000 bank note, being the legal tender of the Federal Republic of Nigeria to their respective customers, despite supplies of such currency note by the 2nd and 3rd Defendants, thereby leading to the present scarcity of currency notes in circulation.
He declared:“This Order shall be for on initial period of seven days.”
The case has been adjourned until February 14, 2023 for hearing of the Motion on Notice.
Meanwhile, the APC Governors of Kaduna, Kogi and Zamfara States have hauled the Federal Government before the Supreme Court over Naira scarcity.
They are seeking an order of the Supreme Court restraining the FG and the Central Bank of Nigeria (CBN) from implementing the naira redesign policy, Persecondnews had reported.
The three states which filed the action through their Attorneys-General averred that both the old and the new Naira notes are scarce, thereby affecting people, especially the poor.
The Plaintiffs in the suit are the three Attorneys-General and Commissioners for Justice while the Attorney-General of the Federation and Minister of Justice, Malam Abubakar Malami (SAN) is the sole Respondent.
Filing an ex-parte motion through their lawyer, Mr AbdulHakeem Uthman Mustapha (SAN), the states are urging the Supreme Court to grant them an interim injunction, stopping the Federal Government either by itself or acting through the CBN, the commercial banks or its agents from carrying out its plan of ending the timeframe within which the now older versions of the 200, 500 and 1000 denominations of the Naira may no longer be legal tender on February 10, 2023.
“Unless this Honourable Court intervenes, the Government and people of Kaduna, Kogi and Zamfara State will continue to go through a lot of hardship and would ultimately suffer great loss as a result of the insufficient and unreasonable time within which the Federal Government is embarking on the ongoing currency redesign policy,” Mustapha averred.
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