New Naira: Govs, Parties Begin Legal Battle Over CBN Deadline


The February 10 deadline for the currency swap announced by the Central Bank of Nigeria has pitted Governors Nasir El-Rufai of Kaduna, Yahaya Bello (Kogi) and Bello Matawalle (Zamfara) against 14 political parties which threatened to boycott the February 25 election, should the CBN extend the time limit.

This is as a High Court of the Federal Capital Territory has restrained the President, Major General Muhammadu Buhari (retd.), CBN, its Governor Godwin Emefiele and 27 commercial banks from suspending, stopping, extending or interfering with the currency swap terminal date.

The order was handed down on Monday by Justice E. Enenche following an application by four political parties.

That said, the three governors, who dragged the CBN and the Federal Government to the Supreme Court, were seeking a halt to the full implementation of the naira redesign policy initiated by the apex bank.

READ ALSO: 13 Political Parties Threatens To Boycott Elections If CBN Shifts Naira Swap Deadline

No date has been fixed for the hearing of the suit which is coming four days after the governors elected on the platform of the All Progressives Congress met with the President where they complained about the hardship occasioned by the currency policy.

Buhari had asked them to give him seven days to address their complaints, but apparently unimpressed by the President’s pledge, the governors on Monday headed for the Supreme Court to stop the policy.

READ ALSO: Court Stops CBN, Buhari From Shifting Naira Deadline

The applicants in the suit were the Attorneys-General and Commissioners of Justice of Kaduna, Kogi and Zamfara, while the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, SAN, was the sole respondent in the matter.

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