The Federal Capital Territory (FCT) High Court in Wuse Zone 2, Abuja, has ordered the Central Bank of Nigeria to ensure the implementation of February 10 regarding the validity of the old naira notes.
The judge, Eleojo Enenche, gave the order on Monday in a decision on an ex parte application by four opposition political parties.
The four parties – Action Alliance (AA), Action Peoples Party (APP), Allied Peoples Movement (APM) and National Rescue Movement (NRM) – in the application stated that the new monetary policy of the CBN is being sabotaged by Nigerian banks.
They sued President Muhammadu Buhari, the CBN and the CBN governor, Godwin Emefiele, together with 25 Nigerian banks as defendants.
In a public announcement last week, the CBN governor, Mr. Emefiele, extended the deadline for the legal tender status of the old N200, N500 and N1000 notes from January 31 to February 10.
The extension follows a general government bailout of the new naira currency. The CBN governor announced the extension after a meeting with President Buhari, and directed banks to accept old bank notes even after the deadline.
Court order
Ruling on the opposition party’s ex parte application on Monday, the judge issued an order to restrain the CBN “from delaying or interfering with the currency redesign” on February 10.
The court also ordered the defendant “not to postpone, terminate, extend, vary or interfere with the remaining termination date for the use of the old N200, N500, and N1,000 bank notes which is February 10, 2013 pending the hearing and determination of the motion. in notice.”
The court also ordered the Chief Executive Officers and Managing Directors of 25 Nigerian banks “to show cause why they should not be arrested and prosecuted for economic and financial sabotage of the Federal Republic of Nigeria by illegal acts of hoarding, withholding non-payment or circulation of N200, N500, and The new N1,000 is legal tender of the Federal Republic of Nigeria…
On Monday, the Economic and Financial Crimes Commission (EFCC), said it has arrested a branch manager of a commercial bank in Abuja for allegedly stealing new naira notes.
The anti-corruption agency, however, did not disclose the names of the banks and their managers.
The court restrained the CBN and other respondents in the suit from interfering with the deadline will last seven days, a copy of the order shown to PREMIUM TIMES.
ALSO READ: New Naira Notes: ’13 political parties’ threaten to withdraw from elections if deadline extended
The order came after the three states were governed by All Progressives Congress (APC) governors. filed a lawsuit in the Supreme Court challenging it deadline set by CBN to phase out old naira notes.
The states – Kaduna, Kogi and Zamfara – noted the suffering of many Nigerians who are suffering due to the lack of new naira notes as one of the reasons why the CBN policy should be reversed.
Many Nigerians have to spend hours queuing to withdraw cash from Automated Teller Machines (ATMs) across the country. Many who cannot access these machines have paid too much to be paid by Point on Sale (POS) retailers.
Other top APC members, including the party’s presidential candidate, Bola Tinubu, have also criticized the CBN’s policy saying it was put together to undermine the upcoming general election.
Support journalism integrity and credibility PREMIUM TIMES
Good journalism costs a lot of money. But only good journalism can guarantee the possibility of a good society, responsible democracy, and transparent government.
For continued free access to the best investigative journalism in the country, we ask that you consider making a modest contribution to this noble effort.
By contributing to PREMIUM TIMES, you help keep journalism relevant and ensure it remains free and available to all.
contribute
AD TEXT: Call Willie – +2348098788999
