Naira Swap: Court bars CBN and President Buhari from extending February 10 Deadline


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February 7, 2023.

Azonuchechi Chukwu.

Justice Eneojo Eneche of the Federal Capital Territory (FCT) High Court, has stopped the Central Bank of Nigeria (CBN), President Muhammadu Buhari and 27 commercial banks from suspending or interfering with the currency redesign end date of February 10, or issuing any directive contrary to the said date.

In a motion filed by five political parties, the court also granted an order directing the Chief Executive Officers (CEOs) of the banks, to explain ??why they should not be arrested and prosecuted for the financial sabotage of the country, by illegally hoarding and not disbursing the new N200, N500, and N1000 bank notes, despite supply of such notes by the central bank.”

Buhari in 2022 approved the redesign of the banknotes but it has created hardship among Nigerians who have struggled to lay hands on the new notes despite the February 10th deadline for the currency inching closer.

Despite the naira swap crisis, the CBN has maintained it would not extend the deadline.(

Azonuchechi Chukwu
Azonuchechi Chukwu
Ms Azonuchechi Chukwu has a BSC holder in mass communication Ebonyi State University

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