New Notes: Professor Drags Emefiele To Court

By Uche Mbah

A Law Professor, Joshua Alobo, has dragged the Central Bank Governor, Godwin Emefiele, to an Abuja High Court, seeking restraint from implementation of the January 31 deadline for the withdrawal of old N200, N500 and N1000 notes from circulation.

Pressures have been mounting on CBN from different quarters to extend the deadline, but the CBN remained adamant, with the full support of President Muhammadu Buhari.

The Senate has proposed the end of August while the House of Representatives proposed end of July.

In a suit, marked: FHC/ABJ/CS/114/2023 filed by Alobo, he wants the court to issue an injunction compelling the CBN to extend the “duration where the old notes cease to become legal tender to a period of three weeks when the redesign notes will be sufficiently dispense by the commercial banks.”

Joined in the suit are the Central Bank of Nigeria, Godwin Emefiele and the Attorney General of the Federation (AGF).

According to Alabo, the CBN Governor had on October 26, 2022, announced  introduction of a new series of redesigned N200, N500 and N1000 banknotes into the financial system. But he insisted that the general Public is yet to get the new notes. He claimed that as at January 25, Banks still dispense the old notes over the counter and automatic teller Machines.

He described the terminal date of January 31 for usage of the old notes as “discriminatory against the rural dwellers, poor and less privileged persons in the society, as politically exposed persons are paid with the redesigned notes.”

He noted:

“That cashless policy of the Central Bank of Nigeria is innovative and welcome development but the rural dwellers that constitute bulk of the population do not have access to internet and banking facilities.

“The legal tussle for the arrest of the Governor of the Central Bank of Nigeria by the Department of State Security, DSS, at the Federal High Court resulted in uncertainty as to the full implementation of the redesigned Naira notes.

“The legal action at the FCT, High Court for the enforcement of the fundamental rights of the Governor of CBN also necessitated anxiety in the country on the implementation of the policy.

“The Governor of CBN arrived Nigeria on January 13, 2023 and visited the President at the Aso Rock. The reception was well publicized in both electronic and print media.

“The current daily limit of transaction to N20, 000 is against the Central Bank daily limit of N100, 000.”