BREAKING: Court restrains CBN from extending deadline on use of old naira notes

A Federal Capital Territory, FCT, High Court has restrained the Central Bank of Nigeria, CBN, from extending the deadline for the use of the old naira notes.

The court also ordered the CBN to fully implement the redesigned naira.

Eleojo Enenche, presiding judge, gave the order while delivering ruling in a suit marked FCT/HC/CV/2234/2023, on Monday.

“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,” the court held.

The CBN had set January 31st as the deadline for the exchange of old naira notes with the redesigned ones.

CBN had redesigned N200, N500, and N1000 notes.

Amid the outcry that occasioned the scarcity of the naira, the apex bank had extended the deadline till February 10.