Court Restricts Buhari, CBN From Extending Naira Swap Deadline

President Muhammadu Buhari and the Central Bank of Nigeria (CBN), were ordered on Monday by a Federal Capital Territory high court in Wuse Zone 2 to refrain from delaying or obstructing the February 10 deadline for the use of the old N200, N500, and N1000 notes.

The court issued the order, following an ex-parte application that was brought before it by the: Action Alliance (AA), Action Peoples Party (APP) Allied Peoples Movement ( APM), and the National Rescue Movement(NRM).

The court statement reads: “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.

“An order is hereby made directing the Heads and Chief Executive Officers, Managing Directors and/or alter egos of the 4th to 30th Defendants 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 a there alleged act of hoarding, withholding, not paying or disbursing the new N200, N500 and N1000 bank notes, being the legal tender of the Federal Republic of Nigeria to their respective customers, despite supplies of each of such currency notes by the 2nd and 3rd Defendants, thereby leading to the present currency note in circulation.”

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