Court Bans CBN From Extending Deadline For Use Of Old Naira Notes

Court has banned CBN from extending the deadline for use of the old naira notes.

 

NewsOnline reports that the Federal Capital Territory, FCT, High Court has restrained the Central Bank of Nigeria, CBN, from extending the deadline for the use of the old naira notes.

 

The court also ordered the CBN to fully implement the redesigned naira.

 

ALSO: Northern States Drags Buhari Government To Supreme Court Over Naira Scarcity

 

Eleojo Enenche, the presiding judge, gave the order while delivering a ruling in a suit marked FCT/HC/CV/2234/2023, on Monday.

 

“An order of interim injunction is hereby made restraining the defendants whether by themselves, staff 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, and N1000 bank note being 10th day of February 2023, pending the hearing and determination of the motion on notice,” the court held.

 

NewsOnline Nigeria recalls that the CBN had set January 31st as the deadline for the exchange of old naira notes with the redesigned ones.

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.