Days to go until Naira banknotes issued Nigerian courts was abolished on February 10 as planned, but Nigerian President Muhammadu Buhari and Central Bank Governor Godwin Emefiele have barred further extensions. Opponents of the central bank’s plan to abolish the old Naira have called on Buhari and Emefiere to extend the deadline again.
CBN again asked to extend non-commercial deadline
Nigeria’s High Court recently ruled that the country’s President Muhammadu Buhari and the Central Bank of Nigeria (CBN) Issued an injunction to stop Governor Godwin Emefiere According to report, the deadline for discontinuing the old naira cannot be extended further. Court Eneojo Eneche, along with 27 commercial banks, reportedly ordered not to extend or interfere with the end date of the February 10 currency redesign and issued directives contrary to the February 10 date. said it should not be issued.
The injunction was issued after his four political parties in Nigeria sought court help to block a possible extension of the currency swap deadline by the central bank, according to reports. As Bitcoin.com News recently reported, CBN has extended the deadline from January 31st to February 10th in response to pleas from multiple pressure groups and politicians.
Still, many Nigerians argue that the 10-day extension is not enough and are pushing for more. The governors of his three Nigerian states (Kaduna, Kogi and Zamfara) and others have filed petitions with the country’s Supreme Court seeking to block the CBN from proceeding with the planned elimination of the old Naira banknotes. However, supporters of the CBN’s so-called monetary redesign policy, including the Nigerian Congress of Political Parties (CNPP), reportedly want the central bank to proceed as planned.
Naira Shortage Crisis
Meanwhile, another publication, The Sahara Reporters,said President Buhari recently spoke with Emefiere about the shortage of new naira banknotes. Abdul Rashed He discussed with Chief Bawa. Economic and Financial Crimes Commission (EFCC). The Nigerian leader also reportedly spoke with representatives of the Nigerian Governors Union.
In addition to protests at banks, Nigerians opposing the CBN’s naira policy reportedly vandalized cash machines. Bank branches in some of the country’s most volatile regions have been forced to suspend operations.
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