CBN is forbidden by the court from extending the deadline for using old naira notes.

CBN is forbidden by the court from extending the deadline for using old naira notes.A High Court in the Federal Capital Territory (FCT) has prohibited the Central Bank of Nigeria (CBN) from further delaying the deadline for the use of outdated naira notes. The judge, Eleojo Enenche, issued this ruling on Monday while deciding on a case with the reference number FCT/HC/CV/2234/2023. According to the court order, the CBN, its employees, affiliated banks, or any other parties are prohibited from altering the original deadline of February 10, 2023 for the use of old N200, N500, and N1000 notes.

READ ALSO: UNIZIK lecturer gives birth to seven babies

This order came after the CBN had initially set January 31, 2023 as the deadline for the exchange of old naira notes for newly designed ones, but due to public outcry over the shortage of naira notes, the deadline was extended to February 10. The CBN has recently redesigned N200, N500, and N1000 notes to replace the old versions. The court’s interim injunction order will remain in effect until the hearing and determination of the case.