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Federal High Court in Abuja to Stop CBN’s Old Naira Notes Deadline

by NaijNaira
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The Federal High Court in Abuja has been called upon to intervene in a suit filed by Professor Joshua Alobo asking for the Central Bank of Nigeria and its Governor Godwin Emefiele to restrain from their current January 31 deadline for the recent 200, 500 and 1000 naira notes.

The suit is requesting that the duration should be extended to three weeks so that customers are able to access the new currency properly.

The plaintiff argued that banks are not making the new currency available to their customers as of January 25th, leaving people without access to internet or banking facilities unable to use newer denominations unless they can find commercial stores willing to accept them.

Furthermore, it was said that major shopping malls have already announced rejection of older denominations, with ATM’s limiting daily withdrawals at N20 000.00.

Alobo mentioned legal disputes between CBN and the Department of State Security have increased public anxiety surrounding implementation of policy change instigated by CBN Governor’s visit on January 13th this year.

This article was updated 4 weeks ago


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