Just In: Court Restrains CBN, Buhari From Shifting Naira Deadline

Muhammed Abubakar, Reporting

JUSTICE Eleoje Enenche of a High Court of the Federal Capital Territory in Abuja has 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 issue any directive contrary to the date.

Also restrained were the President of the Federal Republic of Nigeria, President Muhammadu Buhari, Central Bank of Nigeria and the Governor of CBN, Godwin Emefiele.

In a motion exparte filed by five of the 18 political parties, Justice Enenche also granted an order directing the CEOs 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, which was granted on Monday, also ties the hands of bank CEOs and their staff who have been alleged to be hoarding the new bank notes and trading with them thereby causing untold hardship to ordinary Nigerians.

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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