Independence of the Central Bank of Nigeria (CBN) was preached by many as a critical element to drive economic stability in the nation. But in this election season, those same people do not believe anymore. Yes, they now want judges to change calls made by the high priest of Nigeria’s economy (i.e. the CBN governor). Sure, I do not support all the calls by the apex bank. But its worst calls would be better than judges running the banking system from the bench.

Central banks work mainly to stabilize or strengthen their currencies (to reduce inflation) and create employment by managing interest rates.  That does not seem like what High Courts are designed for.

Nigerians: we need to grow up. CBN monetary policy should not be decided by judges with reckless abandon. I SALUTE the judge: “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.”

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:

Emefiele. Emefiele. Emefiele (how many times did I call you?). Find a way to help Nigerians but do not allow underground vaults to open to rig this election. #boldness.

Comment on Feed

Comment 1: The report of that judgement was good news especially when one considers how the governors of the ruling party are thronging the villa to persuade Mr. President for another extension and the mountain politicians are trying to make out of the sand castle. It’s clear that a lot of them politicians depend solely on vote-buying to win elections and it’s the reason why they get reckless and abandon their duties once they assume office.

The recall process hasn’t been tried nor tested; the impeachment process is a witch-hunting or vendetta exercise; and our judicial process is turning lame, pandering to the whims of the highest bidder. Until these processes are got right, we still may be far from zion but with the naira redesign, we’re at least one step in the right direction.

My Response: The same governors who did not care when universities were closed for months.  Did they care when citizens suffered from fuel scarcity? It seems strange that they really care that much for the Naira scarcity.

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:

“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.

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