Naira Redesign: Court stops CBN from extending deadline

Honorable Justice Eneojo Eneche of the Federal High Court in Abuja on Monday issued an order prohibiting President Muhammadu Buhari, the Central Bank of Nigeria (CBN), CBN Governor Godwin Emefiele, and 27 commercial banks from suspending, interfering with, or extending the February 10 deadline or issuing any other directive concerning that date.

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The court in a motion filed by four political parties—the Action Alliance (AA), Action Peoples Party (AAP), Allied Peoples Movement (APM), and National Rescue Movement (NRM), granted the plaintiff’s prayer mandating “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 Federal Republic of Nigeria, by their illegal act of hoarding, withholding or not paying or disbursing the new N200, N500, and N1000 bank notes, despite supply of such notes by the central bank.”