COURT PREVENTS CBN FROM EXTENDING THE DEADLINE FOR USING OLDER NAIRA NOTES.

The Central Bank of Nigeria (CBN) is prohibited from extending the deadline for the use of obsolete naira notes by a Federal Capital Territory (FCT) high court. The deadline for removing the outdated naira notes from circulation was extended by the apex bank on January 29 to February 10.

Justice Eleojo Enenche issued an order on Monday, February 6, in a case with the filing number FCT/HC/CV/2234/2023, instructing the CBN not to extend the deadline awaiting the outcome of the lawsuit.

The lawsuit named the CBN, President Muhammadu Buhari, and a number of banks as defendants.

“An order of interim injunction is hereby made prohibiting the defendants, whether by themselves, staff, agents, officers, interfacing banks or whomsoever, from suspending, stopping, extending, varying or interfering with the existing termination date of use of the old N200, N500, and N1000 bank note being the 10th day of February, 2023,” the court held.