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

The Central Bank of Nigeria, CBN, has been prohibited from extending the deadline for the use of the old naira notes by a Federal Capital Territory, FCT, High Court.

The court also mandated that the CBN put the revised naira into full circulation.

On Monday, presiding judge Eleojo Enenche issued the directive while rendering a decision in a case with the case number FCT/HC/CV/2234/2023.

“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,” the court held.

The deadline for exchanging old naira notes for the newly designed ones was January 31st, according to the CBN.

The N200, N500, and N1000 notes had been updated by CBN.

The apex bank has extended the deadline until February 10 due to the outcry that the naira was in short supply.