The CBN tells the court that keeping old naira notes will encourage vote buying.

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The Central Bank of Nigeria (CBN) has justified its decision not to extend the expiry date for old Naira 

notes by claiming that it was done to
save the country's democracy and discourage vote-buying in the upcoming presidential election.

This was stated by the CBN's Counsel, O. M. Atoyebi (SAN) and Co., in a counter-affidavit in a suit filed against the apex bank by a 

group, Social Rehabilitation Grace and Supportive Initiative (SRG), led by a Nigerian-born United States medical practitioner, Dr. Marindoti Oludare.

The group had taken the CBN to court in Akure, asking the court to compel the CBN to extend the expiry date for the old Naira notes by six 
months, while the apex bank asked the court to dismiss the suit, claiming that the plaintiffs had no justifiable reason for filing it.

However, the CBN Counsel in the interlocutory injunction said the CBN opposed "the extension (of expiry 
date for old naira notes of N200, N500 and N1000) saying it will give room for vote-buying and undermine the forthcoming election.

It also added that "the extension of the timeliness will jeopardise the fight against fraud, corruption and criminal activities perpetrated with the use of the old currencies". It specifically mentioned the lingering kidnapping.



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