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Naira Policy: Court stops CBN from extending deadline

A Federal High Court sitting in Abuja has barred the Central Bank of Nigeria and President Muhammadu Buhari from further extending the deadline for swapping the old naira notes with the new ones.

The Presiding Judge, Justice Eneojo Eneche of the Federal Capital Territory, FCT High Court also directed 27 commercial banks from interfering with the currency redesign deadline date.

In a motion by five political parties, the court also granted an order directing the Chief Executive Officers (CEOs) of the banks, to show cause why they should not be arrested and prosecuted for the financial sabotage of the country, by illegally hoarding and not disbursing the new N200, N500, and N1000 bank notes, despite supply of such notes by the central bank.

The naira swap policy has caused series of uproar from different sectors of the economy as Nigerians have been finding it difficult to transact and get access to the new naira notes.

Writing by Oluwaseyi Ajibade; Editing by Abdullahi Lamino