Court Stops Buhari, CBN from interfering with cash policy 

Salihu Ali, Abuja 

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 A High Court of the Federal Capital Territory in Nigeria, has stopped President Mohammadu Buhari, the Central Bank of Nigeria, its governor and 27 commercial banks from suspending, stopping, extending or interfering with the currency redesign terminal date of February 10 or issue any directive contrary to the February 10 deadline.
In a Motion by five of the eighteen political parties, the ourt, presided over by Justice Aneojo Enenche also granted an order directing the Chief Executives of the banks to show cause why they should not be arrested and prosecuted for sabotaging the country through their illegal hoarding, withholding, not paying or disbursing the new Naira notes despite supply of such notes by the Country’s Apex Bank.
The order also ties the hands of bank CEO’s and their staff who have been alleged to be hoarding the new bank notes and trading with them thereby causing untold hardship to citizens.

 

Recall that the CBN in late 2022, announced a new cash policy, which saw the redesign of the 200, 500, and 1000 Naira notes denomination.

It placed a deadline of January 31 for the old notes to cease to serve as legal tender.

However, there has been a resultant cash scarcity, which has brought about long queues at banks, and people have now resorted to buying the new naira from hoarders.

As a result, the President, Muhammadu Buhari, extended the deadline from January 31 to February 10.

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