A High Court sitting in Abuja, the Federal Capital Territory, yesterday issued a restraining order on President Muhammadu Buhari, the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele and 27 commercial banks from suspending the demonetisation policy of the federal government.
Justice Eneojo Eneche, made the order while ruling in an ex parte application brought by four political parties against the government and 27 commercial banks in the country.
This emerged just as three states from the northern part of Nigeria – Kaduna, Kogi and Zamfara – have approached the apex court to stop the federal government from going ahead with its plan to phase out the old N200, N500 and N1,000 banknotes from February 10, 2023, due to what they termed as the unbearable hardship the policy was said to be bringing upon people in the affected states.
Furthermore,the Conference of Nigerian Political Parties (CNPP) chairmen and candidates for the elections slated for February 25, have rejected alleged plans by some people to force the central bank to suspend the naira redesign policy.
Despite the public outcry and Naira scarcity, the Edo State Governor, Godwin Obaseki, yesterday, insisted that the CBN’s drive towards a cashless economy was right for the nation.
The four political parties in the suit marked: FCT/HC/CV/2234/2023 were the Action Alliance, Action People’s Party, Allied People’s Movement and National Rescue Movement, while the defendants included Buhari, CBN, Emefiele and 27 commercial banks.
The CBN had announced a currency redesign and a cash withdrawal limit of N100,000 weekly for individuals; with an implementation date of January 31, 2023.
However due to pressure from both public and private sector, the government and CBN increased the withdrawal limit to N500,000 weekly and extended the deadline date by another 10 days terminating at February 10, 2023.
