Court prevents CBN from extending deadline of old naira notes

The Central Bank of Nigeria was forbidden by the Federal Capital Territory High Court from extending the use of the previous naira note.

The CBN, President Buhari, and several banks were named as defendants in a lawsuit filed on Monday in the High Court with the case number FCT/HC/CV/2234/2023.

Eleojo Enenche, a judge on the high court, issued an order prohibiting the CBN from extending the deadline while the lawsuit is being resolved.

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According to the court, “an order of interim injunction is hereby made prohibiting the defendants, whether by themselves, staff agents, officers, interfacing banks or whosoever, from suspending, stopping, extending, varying or interfering with the extant termination date of use of the old N200, N500, and N1000 bank note being February 10, 2023,” pending the hearing and determination of the motion on notice.