New Naira Notes: Court Stops CBN from Shifting Deadline

Hours after three state governors took President Muhammadu Buhari and the Central Bank of Nigeria (CBN) to court over the February 10 deadline for the expiration of old naira notes, another court has added a twist to the issue by giving a contrary order.

Justice Eneojo Eneche of the Federal Capital Territory (FCT) High Court on Monday, ordered the CBN and President Buhari and 27 commercial banks not to change the February 10 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 alleged 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 as apex bank.