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Just in: Falana hits back at CBN for disobeying S’Court Order on currency swap

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The Central Bank of Nigeria (CBN) has voided the Supreme Court order granting an interim injunction on February 8 restraining it and the Federal Government from implementing the February 10 deadline.
However, in a latest statement by the apex bank, it seems to have negated the order, thus prompting an outburst from Lagos lawyer and human rights activist, Mr Femi Falana (SAN).
Falana, during a live appearance on Channels TV’s on Tuesday, February 14, 2023 said the government was not ready to comply with the order, a report by Channels TV says.
“In a country where the rule of law operates, once the Supreme Court has determined a matter or given an order, it is expected that all and sundry – everybody – will comply with the order,” Falana said.
According to Falana, “A statement was credited to the central bank that since it was not a party to the case, it’s not going to comply with the order. I thought that could only happen in a banana republic.
“I expected the central bank to have issued a statement following the order of the Supreme Court: ‘all actions are stale until the 15th of February’,” he said.
The SAN added that an example should be made of those flouting court orders, stressing that nobody should feel that they were above the law.
“For me, an example has to be made this time around, so that nobody will feel that he’s above the law in our country,” he added.
Meanwhile the CBN has insisted on the February 10 deadline for the expiration of the legal tender status of the old N200, N500 and N1,000 notes as it issues guidelines on how to deposit old notes at branches in a circular on Tuesday.
The read in parts; “Please note that this is a Cash Deposit Program not a Cash Swap Program. You will not be issued new notes in exchange for old notes; instead your bank account will be credited after your account is validated by law enforcement. This process may take up to 4 weeks.
If the validation of account turns out negative, the Bank will return the deposited notes
Third party deposits are not allowed. The account information provided must be that of the depositor.
Members of the public are required to complete an online application form and generate a reference number before coming to the CBN. Where a customer did not pre-fill their form, he/she will be given the opportunity to fill the form at the Branch.
The Cash Deposit Window is open to the public from February 15 – 17, 2023 between 9am to 2pm daily.

1. Reference code generated from completed online application form fill on CBN Portal.
2. An active Deposit Money Bank account e.g. Access, Zenith, GT, Keystone Banks.

Bank Verification Number (BVN)
A valid Federal Government issued identity card (NIN, Driver’s License, Voters Card, and International Passport).

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