The Federal High Court in Abuja has been asked to stop the Central Bank of Nigeria (CBN) and its Governor, Godwin Emefiele, from implementing the January 31 deadline for the old N200, N500, and N1000 naira notes, among other things. The request is part of the relief sought in the FHC/ABJ/CS/114/2023 suit filed by Joshua Alobo, a law professor.
Nigerian Central Bank, Governor Emefiele Dragged To Court Over January 31 Deadline For Old Naira NotesThe request is part of the relief sought in the FHC/ABJ/CS/114/2023 suit filed by Joshua Alobo, a law professor.
Alobo also requests that the court issue a mandatory order requiring the CBN to extend the"duration where the old notes cease to become legal tender to a period of three weeks when the redesign notes will be sufficiently dispensed by commercial banks."In a supporting affidavit, the plaintiff stated that on October 26, 2022, the CBN Governor announced that the apex bank would introduce a new series of redesigned N200, N500, and N1000 banknotes into the financial system.
He noted that major shopping malls in the Federal Capital Territory, Abuja, had already announced the rejection of old notes, with ATMs limiting daily withdrawals to N20,000.00.
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