Court Restrains CBN, Buhari, Others From Shifting Feb 10 Naira Swap Deadline

A High Court at the Federal Capital Territory in Abuja on Monday, February 6, issued an order restraining the Federal Government, President Muhammadu Buhari, CBN governor, Godwin Emefiele, and 27 listed commercial banks from suspending, stopping, extending or interfering with the currency redesignation terminal date of February 10 or issuing any directive contrary to the date.

In the 27 grounds, the applicants made out a case showing that politicians who ostensibly were in possession of illicit funds were the ones who wanted the policies suspended. Issuing the order, Justice Enenche said.

“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 motion on notice,”

Justice Eleoje Enenche also made an order of interim injunction “directing and mandating the defendants whether by themselves, staff, agents, officers, interfacing banks or whosoever described to comply with, implement and give effect to the currency redesign and restructuring of the old N200, N500, and N1000 bank note on or before the last day of 10th of February, 2023, pending the hearing and determination of motion on notice”.

The court further directed the bank heads, chief executive officers, managing directors and/or alter egos “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, nor paying or disbursing the new N200, N500 and N1000 bank note, being the legal tender of the federal republic of Nigeria to their respective customers, despite supplies of each such currency note by the 2nd and 3rd defendants, thereby leading to the present scarcity of currency notes in circulation”.

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