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


A Federal Capital Territory (FCT) High Court has ordered the Central Bank of Nigeria (CBN) not to extend the deadline for the usage of old naira notes.

The court also directed the Central Bank of Nigeria to properly implement the redesigned naira.

On Monday, presiding judge Eleojo Enenche issued the decision while deciding in the case 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 CBN has set January 31st as the deadline for exchanging old naira notes for new ones.

The Central Bank of Nigeria (CBN) redesigned the N200, N500, and N1000 notes.

The deadline had been extended till February 10 due to the outrage caused by the naira’s scarcity

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