The Central Bank of Nigeria (CBN) has been forbidden by the Federal Capital Territory (FCT) High Court from delaying or extending the February 10 deadline for the phase-out of the old naira notes.
Justice Eneojo Eneche, the presiding judge, decided on a motion made by five political parties on Monday.
Additionally, Justice Eneche prevented 27 commercial banks and President Muhammadu Buhari from enforcing any directives that were in conflict with the deadline.
The judge also issued an order requiring the Chief Executive Officers (CEOs) of the banks to provide justification for not being detained and charged with financial sabotage for illegally hoarding and withholding the new N200, N500, and N1000 banknotes despite the apex bank’s provision of such notes.
Politicians who purportedly had access to illegal funding were the ones who wanted the policies stopped, according to the 27 grounds put out by the applicants.
Last year, Buhari gave his approval for the new bills. Nigerians have struggled to obtain the new notes as the deadline for the currency swap, February 10th, draws nearer, which has made the transfer difficult for them.
Because of the naira swap problem, the CBN insisted that the deadline would not be extended.
Many people have criticized the latest CBN policy as being insensitive to the typical Nigerian, while others have expressed support for the central bank’s move.
On the one hand, some of the directive’s detractors have charged the central bank with misleading Buhari. For instance, Adams Oshiomhole, a former National Chairman of the All Progressives Congress (APC), criticized the policy, calling it absurd and a scheme by the apex bank to sabotage the general elections.
He claims that the CBN persuaded the President to support the strategy by selling him an anti-corruption justification.
On the other hand, some people, including the presidential candidates of the Peoples Democratic Party (PDP), Atiku Abubakar, and the Labour Party, Peter Obi, have shown support for the CBN despite the policy being advertised as being directed against corrupt politicians and hoarders of illicit funds.
