Naira Swap: Court Bars CBN And President Buhari From Extending February 10 Deadline

The Federal Capital Territory (FCT) High Court’s Justice Eneojo Eneche has barred the Central Bank of Nigeria (CBN), President Muhammadu Buhari, and 27 commercial banks from suspending, obstructing, or giving any directives in violation of the February 10 deadline for currency redesign.

In response to a motion brought by five political parties, the court also issued an order asking bank CEOs to “explain why they should not be arrested and prosecuted for illegally hoarding and failing to distribute the new N200, N500, and N1000 bank notes, despite the central bank’s provision of such notes.

Buhari approved the redesign of the banknotes in 2022, but it has been difficult for Nigerians to obtain the new notes despite the date of February 10th becoming closer.

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The CBN has insisted that it will not extend the deadline in spite of the naira swap issue.

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