A lawyer, Joshua Alobo, has sued the Central Bank of Nigeria (CBN), over the 31 January deadline set to end the use of the old notes.
Alobo, a professor of law, asked the Federal High Court in Abuja to stop the CBN from making 31 January deadline for old 1000, 500 and 200 naira notes.
Specifically, the plaintiff begged the court to issue an order, “extending the duration where the old notes cease to become legal tender to period of three weeks when the redesign notes will be sufficiently dispense by the commercial banks.”
He listed the CBN, its governor, Godwin Emefiele, and the Attorney-General of the Federation (AGF) as defendants.
Alobo acknowledged in an affidavit deposed to by Musa Damudi, that the central bank had on 26 October, 2022, announced the introduction of redesigned N200, N500 and N1,000 banknotes into the financial system.
The plaintiff lamented that the less-privileged Nigerians were yet to have the new naira notes that were unveiled last November by President Muhammadu Buhari.
‘New notes not in circulation’
Alobo accused money deposit banks of failing to make the redesigned notes available to their customers.
He said as of 25 January, he was still given the old notes on the counter and through the Automatic Teller Machine (ATM).
The plaintiff further noted that shopping malls in Abuja are rejecting the old notes, while ATM daily limit withdrawal is pegged at N20,000.
He contended that the terminal date of 31 January for 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.”
The lawyer admitted that the “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.”
“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 constitute the entity called Nigeria.
