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With just a few days left before the old naira banknotes are demonetized on Feb. 10 as scheduled, a court in Nigeria has blocked the country\u2019s president, Muhammadu Buhari, and the central bank governor, Godwin Emefiele, from further extending the deadline. Opponents of the central bank\u2019s old naira demonetization plan have asked Buhari and Emefiele to extend the deadline again.<\/strong><\/p>\n A Nigerian High Court recently issued a restraining order that stops the country\u2019s president Muhammadu Buhari and the Central Bank of Nigeria (CBN) governor Godwin Emefiele from further extending the old naira demonetization deadline, a report<\/a> has said. In the order, the court\u2019s Eneojo Eneche reportedly said the duo, along with 27 commercial banks, must not extend or interfere \u201cwith the currency redesign terminal date of February 10 or issue any directive contrary to the February 10 date.\u201d<\/p>\n According to a report, the restraining order was issued after four Nigerian political parties sought the court\u2019s help in blocking the potential extension of the currency swap deadline by the central bank. As recently reported<\/a> by Bitcoin.com News, the CBN extended the demonetization deadline from Jan. 31 to Feb. 10 in response to pleas by several pressure groups and politicians.<\/p>\n Still, many people in Nigeria insist that the ten extra days extra are not enough and have lobbied for an even longer extension. Others like the governors of three Nigerian states \u2014 Kaduna, Kogi, and Zamfara \u2014 have filed an application with the country\u2019s supreme court which seeks to stop the CBN from proceeding with the planned demonetization of the old naira banknotes. However, supporters of the CBN\u2019s so-called currency redesign policy \u2014 including the Conference of Nigerian Political Parties (CNPP) \u2014 reportedly want the central bank to proceed as planned.<\/p>\n<\/p>\n Meanwhile, another publication, Sahara Reporters, said<\/a> President Buhari had recently discussed the new naira banknotes shortages with Emefiele and Abdulrasheed Bawa, the head of the Economic and Financial Crimes Commission (EFCC). The Nigerian leader also reportedly talked with the heads of Nigeria\u2019s governor unions.<\/p>\n In addition to protests at banks, Nigerians opposed to the CBN\u2019s naira policy have reportedly<\/a> vandalized automated teller machines. Bank branches in some of the volatile regions in the country have been forced to halt operations.<\/p>\nCBN Asked to Extend Demonetization Deadline Again<\/h2>\n
Naira Shortage Crisis<\/h2>\n