Naira Swap: Court stops Buhari, CBN from postponing February 10 deadline

A judge of a High Court at the Federal Capital Territory in Abuja, Justice Eleoje Enenche has stopped President Muhammadu Buhari, the Central Bank of Nigeria, and 27 other banks from interfering with the February 10, deadline for currency redesign policy.

The court also ordered them not to issue any directive contrary to the date.

According to The Punch, the court in a motion exparte filed by five of the political parties 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 the supply of such notes by the CBN.

Earlier, 13 political parties had threatened to withdraw from the forthcoming general elections if the Central Bank of Nigeria (CBN) extends February 10 deadline.

They said they won’t participate in the election if the deadline as demanded by some governors on the platforms of the ruling All Progressives Congress is shifted.

The parties also knocked the Kaduna, Kogi, and Zamfara state governments for heading to the Supreme Court to get an injunction to extend the deadline.

The National Chairman of the Action Alliance, Kenneth Udeze said, “We hereby announce that at least 13 out of the 18 political parties in Nigeria will not be interested in the 2023 general elections and indeed we shall withdraw our participation from the electoral process if this currency policy is suspended or cancelled or if the deadline is further shifted”.

Meanwhile, President Buhari following his meeting with the APC governors that demanded an extension of the policy has asked Nigerians to give him seven days to decide on the matter.