*As 14 parties threaten boycott of the elections if date is shifted
Justice Eneojo Eneche of the Federal Capital Territory (FCT) High Court, has granted an injunction stopping the Central Bank of Nigeria (CBN), President Muhammadu Buhari and 27 commercial banks from suspending or interfering with the currency redesign terminal date of February 10.
The injunctive order also stopped the respondents from issuing any directive contrary to the said terminal date already announced.
In a motion by the four parties, the court also granted an order directing the Chief Executive Officers (CEOs) of the banks, to show cause why they should not be arrested and prosecuted for the financial sabotage of the country, by illegally hoarding and not disbursing the new N200, N500, and N1000 bank notes, despite the supply of such notes by the CBN.
The parties are Action Alliance (AA), Action Peoples Party (APP), Allied Peoples Movement (APM) and National Rescue Movement (NRM).
This injunction was obtained even as 14 out of the 18 registered political parties have threatened to boycott the general election if the CBN extends the deadline for the use of old naira notes.
The apex bank had fixed February 10 as the deadline for the use of old naira notes on the intervention of President Buhari.
The CBN had initially fixed January 31 as the deadline, but shifted it due to complaints by several Nigerians, especially politicians in the ruling All Progressives Congress (APC) and the opposition Peoples Democratic Party (PDP), claimed they were unable to access the new N200, N500 and N1,000 notes.
Chief Kenneth Udeze speaking on Monday at a press conference by the Forum of Chairmen of Nigerian Political Parties (CNPP) and the Forum of Candidates for the 2023 General Election.
Udeze, who is the national chairman of the Action Alliance (AA), said the deadline already fixed by the apex bank must not be shifted for whatever reasons, insisting that the best time to embark on the currency redesign is now.
“We hereby announce our resolution that at least 14 0f the 18 political parties in Nigeria will not be interested in the 2023 general election and indeed we shall withdraw our participation from the electoral process if these currency policies are suspended or cancelled, or if the deadline is further shifted,” Udeze said.
The parties also took swipes at the Kaduna, Kogi and Zamfara state governments for heading to the Supreme Court to get court injunction to extend the deadline for the validity of the three notes.
The governments of the three state dragged the Federal Government to the Supreme Court, seeking a restraining order to stop the full implementation of the naira redesign policy initiated by the Central Bank.
In the suits as plaintiffs are the three Attorney-Generals and Commissioners of Justice, while the Attorney-General of the Federation and Minister of Justice (AGF), Abubakar Malami, is the sole respondent.
The three northern states in a motion ex-parte are urging the court to grant them an interim injunction stopping the Federal Government either by itself or acting through the CBN, the commercial banks or its agents from carrying out its plan of terminating the February 10 timeframe within which the now older versions of the 200, 500 and 1,000 denominations of the naira would cease to be legal tender.
President Muhammadu Buhari has last Friday asked Nigerians to give him seven days to resolve the crisis caused by the scarcity of new naira notes.
The president said he has received reports about cash shortages and the effect on local businesses and the ordinary people.
He said the remaining seven days of the 10-day extension will be used to track down on the encumbrances.
“I will revert to the CBN and the Minting Company. There will be a decision one way or the other in the remaining seven days of the 10-day extension,” the President has said.
His position was made known after the APC governors had requested that the old and new notes should be allowed to co-exist.
However, Atiku Abubakar, the presidential candidate of the PDP, had however asked the CBN not to extend the deadline for the swap of the old notes.
This is even as protests broken out in some state capitals across the country, believed to have been mainly sponsored by state governors, with several people expressing anger about the pains and hardship citizens are being subjected to in order to have the new notes.
See the injunctive order below:
