The Central Bank of Nigeria (CBN) has been ordered by the Federal Capital Territory (FCT) high court to proceed with the redesign of the Naira in full and not the extend deadline.
In a decision made on Monday in the case with the file number FCT/HC/CV/2234/2023, the court barred the CBN from extending the time limit for using outdated naira notes.
Several banks, the CBN, and President Muhammadu Buhari were named as defendants in the lawsuit.
The CBN was instructed not to extend the deadline while the lawsuit is still being decided by Eleojo Enenche, the presiding judge of the FCT high court
“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 the motion on notice,” the court held.