Naira Swap: Jubilation for Emefiele, Malami as Court Gives Verdict on Case Against CBN’s Redesign Policy

Naira Swap: Jubilation for Emefiele, Malami as Court Gives Verdict on Case Against CBN’s Redesign Policy

  • The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has maintained that the new naira notes have come to stay as the scarcity of the new notes persists
  • Whilst Nigerians are groaning over the difficulty in accessing the notes, Emefiele has urged Nigerians to be calm, noting all hands are on deck to ensure the sufficiency of the new notes
  • In a new development, the court in Awka has dismissed a suit seeking to stop the CBN from implementing the naira redesign policy

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The Federal High Court, Awka, has dismissed the suit by the Incorporated Trustees of African Initiative Against Abuse of Public Trust seeking to stop the Central Bank of Nigeria (CBN), its Governor, Godwin Emefiele and Attorney General of the Federation (AGF), Abubakar Malami.

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The court dismissed the suit seeking to stop the CBN and their agents from taking further steps to enforce the implementation of the naira redesign policy.

CBN, Godwin Emefiele, naira scarcity, Federal High Court, Awka
Jubilation for CBN as court throws out suit against naira redesign policy. Photo credit: Central Bank of Nigeria
Source: Facebook

The court's verdict

According to the court ruling in the Certified True Copy of the enrolled order dated January 31, 2023, obtained by The Guardian, the parties asked that the suit be struck out by the trial judge, A. Nganjiwa, after considering the circumstances of the case and arguments.

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The court also awarded the sum of N300,000 as a cost against the plaintiff in favour of the CBN and Godwin Emefiele who are the 1st and 2nd defendants respectively.

2am at the ATM, see people: Watch video of hundreds of Nigerians queueing up to withdraw money

Nigerians now sleep in various Bank Automated Teller Machines (ATM) locations in order to make withdrawals of new notes from the bank ATMs.

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Tension erupts in south-south state as youths protest against powerful PDP Gov for backing CBN policy, see video

In a new video shared on Facebook, a man who took the video narrated how he saw hundreds of people at different ATM machines on queues around 2am.

Reports have it that many people have been forced to queue up to five hours to make withdrawals, which could not exceed N20,000 daily.

2023 Presidency: “PDP Lied Tinubu Not Stockpiling New Naira Notes," APC Discloses

The presidential campaign council of the ruling All Progressives Congress (APC) addressed the claims made by the Peoples Democratic Party (PDP).

Whilst the PDP claimed the APC flagbearer, Asiwaju Bola Ahmed Tinubu has stockpiled a huge amount of the new naira notes for vote buying, the APC noted that the PDP is lying.

In a statement signed by Tinubu Media Office, Mahmud Jega, Special Adviser, Media & Public Affairs on Monday, February 13th and sent to, APC described PDP's claims as cheap blackmail.


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