Court Stops CBN, Nigeria Government From Shifting Naira Deadline
Category: Nigeria News
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.
READ: We Have Been Begging Banks To Take New Notes, We Will Start Penalizing Them – CBN
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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