Banking & Finance

Court Stops Buhari, CBN From Shifting Naira Redesign Deadline

Justice Eleoje Enenche of a High Court at the Federal Capital Territory in Abuja on Monday restrained the Federal Government and 27 listed commercial banks from suspending, stopping, extending or interfering with the currency redesignation terminal date of February 10 or issuing any directive contrary to the date.

Also restrained were the President, Major General Muhammadu Buhari (retd.), Central Bank of Nigeria and the Governor of the CBN, Godwin Emefiele.

In a motion exparte filed by five of the 18 political parties, Justice Enenche also granted an order directing the CEO’s of the 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 hoarding, withholding, not paying or disbursing the new N200, N500 and N1000 bank notes despite supply of such notes by the CBN.

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 ordinary citizens.

In the 27 grounds by the applicants they made out a case showing that politicians who ostensibly were in possession of illicit funds were the ones who wanted the policies suspended.

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