Abuja Federal Court, presided over by Justice Eleoje Enenche, on Monday, February 6, 2023, restrained President Muhammadu Buhari, Central Bank of Nigeria (CBN), and 27 listed commercial banks from suspending, stopping, extending or interfering with the currency re-designation terminal date of February 10 or issuing any directive contrary to the date.
The ruling was a sequel to a motion exparte filed by five of the 18 political parties.
Justice Enenche also granted an order directing the CEOs of the banks to show cause why they should not be arrested and prosecuted for the economic and financial sabotage of the country by their hoarding, withholding, not paying or disbursing the new N200, N500 and N1000 bank notes despite the supply of such notes by the CBN.
However, the United Bank of Africa (UBA) has sent messages to its numerous customers saying that they would comply with the CBN directive that new notes should be paid over the counter, adding that a maximum withdrawal for customers over the counter and through the ATM will be N20, 000 daily.
The bank warned, “Customers are advised to keep away from unregistered persons or entities posing to be CBN officials and offering cash swap services. Please conduct all cash withdrawals at any UBA branch, ATMs, or authorised UBA Moni agents. Customers are encouraged to use digital channels for their transactions.”
