With just days to go until the old naira notes are due to be demonetized on February 10 as scheduled, a Nigerian court has blocked the country’s President Muhammadu Buhari and central bank Governor Godwin Emefiele from extending any further. the term. Opponents of the central bank’s old naira demonetization plan have called on Buhari and Emefiele to extend the deadline again.
CBN Asked to Extend Demonetization Deadline Again
A Nigerian High Court recently issued a restraining order preventing the country’s President Muhammadu Buhari and Central Bank of Nigeria (CBN) Governor Godwin Emefiele from further extending the long-standing demonetization deadline for naira, a report has said. In the order, the court’s Eneojo Eneche reportedly said that the duo, along with 27 commercial banks, must not extend or interfere “with the currency redesign terminal date of February 10 or issue any directive contrary to the date of February 10.” of February”.
According to a report, the restraining order was issued after four Nigerian political parties sought the court’s help in blocking the central bank’s possible extension of the currency swap deadline. As Bitcoin.com News recently reported, CBN extended the demonetization deadline from January 31 to February 10 in response to pleas from various lobbyists and politicians.
Still, many people in Nigeria insist that the additional ten days are not enough and have pushed for an even longer extension. Others, such as the governors of three Nigerian states, Kaduna, Kogi and Zamfara, have filed an application with the country’s supreme court seeking to prevent the CBN from proceeding with the planned demonetization of old naira notes. However, supporters of CBN’s so-called currency redesign policy, including the Conference of Nigerian Political Parties (CNPP), reportedly want the central bank to proceed as planned.
Naira Shortage Crisis
Meanwhile, another publication, Sahara Reporters, saying President Buhari had recently discussed the shortage of new naira notes with Emefiele and Abdulrasheed Bawa, the head of the Economic and Financial Crimes Commission (EFCC). The Nigerian leader also reportedly spoke to the heads of the Nigerian governors’ unions.
In addition to the bank protests, Nigerians who oppose CBN’s naira policy have reportedly Vandalized ATMs. Bank branches in some of the country’s volatile regions have been forced to halt operations.
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