Court Stops CBN From Extending Deadline On Use Of Old Naira Notes

A Federal High Court sitting in Abuja on Monday restrained the Central Bank of Nigeria (CBN) from extending the deadline for the use of old naira notes.

The court’s ruling was delivered by Eleojo Enenche in a case brought against the apex bank, President Muhammadu Buhari, and several banks, marked FCT/HC/CV/2234/2023.

The suit – among other things – sought an extension of the deadline but the court ordered the CBN to move forward with full implementation of the naira redesign policy with no room for extension of validity of old naira notes.

“The defendants, including the Central Bank of Nigeria, President Buhari, and the implicated banks, are hereby restrained from suspending, stopping, extending, varying, or interfering with the current termination date of the old N200, N500, and N1000 bank notes, set for February 10, 2023, pending further hearing and determination of the case,” the court ruled.