A Bauchi-based politician and community leader, Dr Ibrahim Waziri Ningi, has dragged the Central Bank of Nigeria (CBN) to court over the traumatic effects of the naira redesign policy being undertaken on behalf of the federal government.
The Central Bank of Nigeria in November 2022 announced that it would redesign the N200, N500 and N1000 Naira notes and gave January 31, 2023 as the deadline for the populace to return all old notes to commercial banks after which they would cease to be legal tender.
It introduced naira swap policy which is being abused by commercial banks and Point of Sale (POS) operators as a result of which President Muhammadu Buhari extended the deadline to February 10, 2023amid severe challenges to households.
In an interlocutory injunction restraining the CBN and the federal government from carrying on with the policy, the defendant is urging the court to restrain the 1st and the 2nd respondents from enforcing the deadline of 31st January (February 10) 2023 for rejection of the N200, N500 and N1,000 notes as a legal tender pending the conclusion of the suit.
He is also asking for an order directing the respondent to maintain the status quo ante bellum existing prior to 31st January 2023 pending the determination of the suit.
The originating suit with No FHC/BAU/CS/Q3/2023 and motion no FHC/BAU/M/05/2023 was filed at the Federal High Court Bauchi Division on January 25, 2023.
In the 11-page affidavit disposed to by John Kent of Patrick Owoicho & Co of Justice Chambers, the Dr Waziri said “the deadline for the Plaintiff and Nigerians to return their old N200, N500 and N1000 naira notes failing which they should cease to be legal tender is unfeasible and breach of the letter and intents of the rights of Nigerian citizens.
No date has been fixed for the suit.