New Naira Notes: February 10th Deadline Must Remain – Lawyers Warn CBN

The Central Bank of Nigeria (CBN) has been admonished not to succumb to pressure by some political actors to extend the February 10 deadline on the public acceptability of old N1000, N500 and N200 naira notes in the country.

Naija News reports that there have been a series of controversies over the new deadline announced last week by the apex bank.

In a statement, however, released on Tuesday, a coalition of public interest lawyers said the CBN should work independently and not succumb to the selfish interest of politicians who are worried about losing elections.

The legal practitioners advised this while reacting to a high court verdict in the federal capital territory (FCT).

In a suit marked FCT/HC/CV/2234/2023, the court temporarily restrained the CBN from extending the deadline on the validity of old naira notes.

The plaintiffs in the suit are Action Alliance (AA), Action Peoples Party (APP), Allied Peoples Movement (APM), and National Rescue Movement (NRM).

However, the lawyers’ association convener, Tochukwu Ohazuruike, urged the CBN to obey the court order and maintain the deadline it announced earlier. According to him, those seeking extension are pretending that it is in the interest of Nigerians.

Ohazuruike said: “We hope CBN obeys the court order and ensures that the February 10th deadline remains sacrosanct. No more extension will be tolerated. CBN has operational and monetary policy independence.

“Section 1 (3) of the CBN act 2007 states that, ‘in order to facilitate the achievement of its mandate under this act and the banks and other financial act, and in line with the objective of promoting stability and continuity in economic management, the bank shall be an independent body in the discharge of its functions’.

“Emefiele should go ahead and carry on his constitutional duties and not again succumb to the selfish needs of politicians, who are worried about losing elections and disguising that they are calling for extension in the interest of Nigerians.”

Naira Scarcity: ‘There Is An Alliance Between Atiku And CBN’ – Ganduje

Meanwhile, the Governor of Kano State, Abdullahi Ganduje, alleged on Tuesday that the presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar and the Central Bank of Nigeria (CBN) are working together.

The All Progressives Congress (APC) chieftain said the apex bank had collaborated to impose an unfeasible cash policy that is affecting the masses.

Ganduje further stated that elements from the annulled June 12, 1993, presidential election are regrouping to undermine Nigeria’s democracy.

He claimed they are using the current crisis generated by the naira redesign policy. Naija News reports that the Kano State Governor stated this while reacting to the ruling of the Federal High Court in Abuja, which stopped the CBN from extending the 10-day deadline set for the currency swap.

Ganduje, in a statement released through his Commissioner for Information, Muhammad Garba, accused the CBN and supporters of the naira redesign policy of being rigid in the implementation of the cash policy.

He claimed that they are rigid about the policy despite the widespread outrage by Nigerians, including the National Assembly and state governors.

Ganduje said the support of Atiku for the policy shows that he and the apex bank are allegedly undermining the country’s democracy.

He noted that the insistence by the CBN on the implementation of the policy, even in the absence of necessary technological infrastructure, is an ominous sign for the nation and could hinder smooth elections.