The Federal Government and 27 listed commercial banks were prohibited from suspending, stopping, extending, or interfering with the currency redesignation terminal date of February 10 or issuing any directives in violation of that date on Monday by Justice Eleoje Enenche of a High Court in the Federal Capital Territory of Abuja.
The President, Major General Muhammadu Buhari (retired), the Central Bank of Nigeria, and CBN Governor Godwin Emefiele were all restrained as well.
Justice Enenche also granted an order directing the CEOs of the banks and their alter egos to show cause as to why they should not be arrested and prosecuted for the economic and financial sabotage of the country by their hoarding, withholding, not paying or disbursing the new N200, N500, and N1000 bank notes despite the CBN’s supply of such notes. This was in response to a motion exparte filed by five of the 18 political parties.
The order also restricts the actions of bank CEOs and their employees who are allegedly hoarding the new bank notes and trading with them, putting the lives of common people in great hardship.
Politicians who purportedly had access to illegal funds were the ones who wanted the policies suspended, according to the 27 grounds put forth by the applicants.