Extending old Naira notes deadline will undermine 2023 election – CBN

The Central Bank of Nigeria (CBN) has told the Federal High Court in Akure, Ondo State, that extending the deadline for the old naira notes of N200, N500 and N1000 would give room for vote-buying and undermine the forthcoming 2023 election.

POLITICS NIGERIA reports that the apex bank, in a counter-affidavit to a suit filed against it by a group, the Social Rehabilitation Grace and Supportive Initiative, justified its reluctance to extend the deadline for the use of the old naira notes as legal tenders, and said it was to save Nigeria’s democracy.

The group is convened by a Nigeria-born United States (US) medical doctor, Marindoti Oludare.

The group wants the deadline – which was originally planned for February 10 – to be extended by the court for six months.

Reacting to the group’s suit before the court, the apex bank, in a counter-affidavit filed by its counsel, Oyetola Atoyebi (SAN), urged the court to dismiss it, maintaining that the plaintiffs have no justifiable reason for filing it.

“The extension of the timeline will jeopardise the fight against fraud, corruption and criminal activities perpetrated with the use of the old currencies,” Atoyebi said.

Meanwhile, the Supreme Court had last week ruled that the CBN should not enforce the deadline until hearing of a suit filed by three states, which comes up on Wednesday.