No Extension of February 10 Deadline, Court orders CBN and President Buhari

The Federal Capital Territory (FCT) High Court at Wuse Zone 2, yesterday issued an order restraining President Muhammadu Buhari and the Central Bank of Nigeria, CBN, from extending or interfering with the February 10 deadline for the use of the old N200, N500 and N1,000 banknotes.

Incidentally, the restraining order occurred on the same day that the federal government was brought before the Supreme Court by the governments of Kogi, Kaduna, and Zamfara states.

The judgement by Judge Eleojo Enenche on Monday was following an ex parte application marked FCT/HC/CV/2234/2023 by Action Alliance, AA, Action Peoples Party, APP, Allied Peoples Movement, APM, and the National Rescue Movement, NRM. The political parties had alleged that the new monetary policy by CBN was being sabotaged by the banks.

Arising from the hardships being experienced by Nigerians due to the currency change, Mr Emefiele after consultation with President Buhari had in a public announcement last week extended the deadline for legal tender status of the old N200, N500 and N1000.

ValidViewNetwork reports that there had been pockets of demonstrations in different parts of the country arising from the poor implementation of the policy.

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The defendants were also ordered ”not to suspend, stop, extend, vary or interfere with the extant termination date of use of the old N200, N500, and N1,000 bank notes being February 10 2013 pending the hearing and determination of motion on notice”

In addition to adjourning the case until February 14 for hearing, the court held that the interim orders will be in effect for a seven-day initial period.

Along with President Buhari, the CBN and its governor, Mr. Godwin Emefiele, as well as 27 commercial banks, were included as respondents and defendants in the case, ValidViewNetwork reports.