Victor Ezeja
The Federal Capital Territory (FCT) High Court at Wuse Zone 2, Abuja, has ordered the Central Bank of Nigeria (CBN) to maintain the 10th February deadline for phasing out the old,₦1,000, ₦500 and ₦200 banknotes.
The court also barred President Muhammadu Buhari from issuing further directives for an extension that could Interfere with the implementation of the naira redesign process.
Join our WhatsApp ChannelThe judge of the FCT Court, Justice Eneojo Enenche, gave the order on Monday while ruling on an ex parte application by four opposition political parties.
The four opposition parties – Action Alliance (AA), Action Peoples Party (APP), Allied Peoples Movement (APM) and National Rescue Movement (NRM) – in their application alleged that the CBN’s new monetary policy was being sabotaged by Nigerian banks.
Part of the injunction includes:
“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.”
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
