A high court in the Federal Capital Territory, Abuja, has mandated the Central Bank of Nigeria (CBN) to not rescind on its set plans and timeline for the implementation of the naira redesign policy.
In a suit encoded FCT/HC/CV/2234/2023, the judge of the Abuja-based high court, Eleojo Enenche, on Monday, gave a standing order which restrains the CBN from extending the deadline on the use of old naira notes pending the determination of the suit.
The lawsuit whose defendants include the CBN, President Muhammadu Buhari, and several banks and whose plaintiffs include Action Alliance (AA), Action Peoples Party (APP), Allied Peoples Movement (APM), and National Rescue Movement (NRM) has the following extant ruling:
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“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 motion on notice.”
An order of interim injunction is also made “directing and mandating the defendants whether by themselves, staff, agents, officers, interfacing banks or whosoever described to comply with, implement and give effect to the currency redesign and restructuring of the old N200, N500, and N1000 bank note on or before the last day of 10th of February, 2023, pending the hearing and determination of motion on notice”.
Furthermore, the court directs the bank heads, chief executive officers, managing directors and/or alter egos “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 their illegal act of hoarding, withholding, not paying or disbursing the new N200, N500 and N1000 bank note, being the legal tender of the federal republic of Nigeria to their respective customers, despite supplies of each such currency note by the 2nd and 3rd defendants, thereby leading to the present scarcity of currency notes in circulation”.
The Cable reported that the court order will be for an initial period of seven days until the motion of notice is heard on February 14.