A High Court in Abuja, Nigeria has barred the Federal Government, 27 commercial banks, President Muhammadu Buhari, and the Central Bank of Nigeria (CBN) and its governor, Godwin Emefiele, from altering the deadline for Naira redesignation.
The court presided over by Justice Eleoje Enenche, granted a motion filed by 5 of the 18 political parties that forbade any interference with the terminal date of February 10.
It further directed the bank CEO’s to explain why they shouldn’t be arrested for allegedly hoarding and not distributing the new N200, N500 and N1000 bank notes, causing financial harm to citizens.
The court order restricts the banks from trading with the new Naira notes and stops the alleged hoarding by bank CEO’s and staff.
The applicants claimed that politicians with illicit funds were behind the push to suspend the Naira swap policies.