More Frustration For APC Governors As Court Bars FG From Extending Naira Swap Deadline

A High Court at the Federal Capital Territory sitting in Abuja on Monday has barred the federal government and all banks from working contrary to the naira swap deadline fixed by the Central Bank of Nigeria.

Justice Eleoje Enenche gave the ruling in a motion exparte filed by four political parties namely, Action Alliance (AA), Action Peoples Party (APP), Allied Peoples Movement (APM), and National Rescue Movement (NRM).

President Muhammadu Buhari and the Governor of the Central Bank of Nigeria, Godwin Emefiele are the defendants in the case.

“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.

“An order of interim injunction is made directing and mandating the defendants whether by themselves, staff, agents, officers, interfacing banks or whosoever described to comply with, implement and give effect to the currency redesign and restructuring of the old N200, N500, and N1000 bank note on or before the last day of 10th of February, 2023, pending the hearing and determination of motion on notice,” the judge ruled.

The court also gave bank CEO’s till February 14 to ” show cause as to why they shall not be arrested and prosecuted for the economic and financial sabotage of the Federal Republic of Nigeria by their illegal act of hoarding, withholding, nor paying or disbursing the new N200, N500 and N1000 bank note, being the legal tender of the federal republic of Nigeria to their respective customers, despite supplies of each such currency note by the 2nd and 3rd defendants, thereby leading to the present scarcity of currency notes in circulation”.

The order subsists for about seven days following the hearing of the main suit.

Recall that the All Progressive Congress- controlled Kaduna, Zamfara and Kogi states has also approached the Supreme Court to halt the February 10 deadline fixed by the CBN.

The apex court’s decision will be binding on all courts in the land as well as the federal government.