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JUST IN: Court Backs Buhari, CBN, Over Naira Redesign Policy

A Federal High Court in Abuja has urged President Muhammadu Buhari, Central Bank of Nigeria (CBN) and its Governor, Godwin Emiefele and other 27 banks not to suspend or extend deadline for old currencies which were redesigned last year.

The order was given in favour five political parties — Action Alliance (AA), Action Peoples Party (APP), Allied Peoples Movement (APM) and National Rescue Movement (NRM).

Presided over by Justice Enenche, the court asked the defendants, especially the commercial banks to prove why they shouldn’t be prosecuted for hoarding the new naira notes despite being supplied by CBN.

According to Leadership newspaper, the order would frustrate attempts by some governors to force Buhari to reverse or extend the deadline for the currency swap.

However, the recent court’s order was appraised by lawyers, Civil Society Organization and ethnic youth groups. They argued the decision was best for the country.

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Some of the groups include: Arewa Consultative Youth Movement, Ohanaeze Youth Movement, and Oduduwa Youth Assembly.

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