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With three days left to the expiration of the February 10 deadline, a Federal Capital Territory (FCT), High Court, has compelled the Central Bank of Nigeria (CBN) and 27 commercial banks to go ahead with the full implementation of the naira redesign policy, restraining President Muhammadu Buhari from further extending the deadline.
In a motion by four political parties, namely Action Alliance (AA), Action Peoples Party (APP), Allied Peoples Movement (APM) and National Rescue Movement (NRM), the court, presided over by Justice Eleojo Enenche, also granted an order directing the CEOs of the 27 commercial banks and their alter egos to show cause why they should not be arrested and prosecuted for the economic and financial sabotage of the country by their illegal hoarding, withholding, not paying or disbursing the new N200, N500 and N1000 banknotes despite supply of such notes by CBN.
Delivering a ruling, yesterday, in a suit marked FCT/HC/CV/2234/2023, the court restrained CBN from extending the deadline on the use of old naira notes pending the determination of the suit. The order will be for an initial period of seven days until the motion of notice is heard on February 14.