BREAKING: Court restrains CBN from extending deadline on use of old naira notes
The Central Bank of Nigeria, CBN, has been prohibited from extending the deadline for the use of the old naira notes by a Federal Capital Territory, FCT, High Court.
The court also mandated that the CBN put the revised naira into full circulation.
On Monday, presiding judge Eleojo Enenche issued the directive while rendering a decision in a case with the case number FCT/HC/CV/2234/2023.
“An order of interim injunction is hereby made prohibiting the defendants, whether by themselves, staff agents, officers, interfacing banks or whomever, from suspending, stopping, extending, varying or interfering with the existing termination date of use of the old N200, N500, and N1000 bank note being the 10th day of February, 2023,” the court held. This order is in effect pending the hearing and decision of the motion on notice.
CBN had redesigned N200, N500, and N1000 notes.
Amid the outcry that occasioned the scarcity of the naira, the apex bank had extended the deadline till February 10.
