Joshua Alobo, a law professor petitioned the Federal High Court in Abuja to prevent the Central Bank of Nigeria (CBN) from discontinuing the usage of old naira notes on January 31.Information Guide Nigeria
Alobo requested that the court give a mandatory order “increasing the term where the old notes cease to become legal currency to the period of three weeks when the new notes will be suitably disbursed by the commercial banks” in the FHC/ABJ/CS/114/2023 action.
The complaint was joined by the CBN, its governor, Godwin Emefiele, and the federation’s attorney-general, Abubakar Malami.
The CBN said in October that it would redesign the N200, N500, and N1,000 banknotes.
President Muhammadu Buhari revealed the new notes on November 23.
Alobo also submitted that the January 31 deadline for the usage of the old notes “is discriminatory against the rural dwellers, poor and less privileged persons in the society, as politically exposed persons are paid with the redesigned notes”.NYSC portal
“We concede that the policy of redesigning the currency is within the powers of the CBN, especially with the approval and endorsement of the president of the federal republic of Nigeria.
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“However, the lack of necessary publicity due to the absence of the governor of CBN should be a Catholic and pentecostal factor to save the country from implosive corruption as commercial banks through various WhatsApp messages are soliciting for huge cash deposits of over N20billion at twenty percent commission.
“We respectfully submit that the dateline January 31, 2023, for phasing old Naira notes is of grave constitutional importance for the economic survival of the vast population that constitutes the entity called Nigeria.
“The percentage of persons with lower educational background and economic realities of rural dwellers and some Local Governments in Nigeria without a single bank is high,” the plaintiff added.”JAMB Result
The court has not fixed a date to hear the matter.
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