The Chairman of the Nigerian Bar Association Section on Public Interest Development and Litigation (NBA-SPIDEL Chairman, Monday Ubani has stated that by his latest directive to the Central Bank of Nigeria(CBN) President Muhammadu Buhari clearly flouted the Supreme Court interim order that suspended the old Naira notes deadline.
Earlier on Thursday, Buhari had ordered the CBN to release the old N200 note back into circulation until April 10th, 2023 when it will stop to be a legal tender. He asked Nigerians return all old ₦1,000 and ₦500 to the bank.
“The President’s announcement this morning to the country is in clear contempt of the Supreme Court’s earlier order restraining the government from. deadlining the old currency notes of 200, 500 and 1000 respectively until the application on notice before it is heard.. He should have allowed the judicial process to run through. His intervention though well intended as posited by some economists, sends a dangerous signal in our democracy. The international community are watching seeing how much we mess our system up. It is ill advised and no lawyer worth his salt should make unfounded allegation of bribery as reason to undermine the judiciary,” Dr. Ubani asserted
“The macro and micro economic benefits of this naira redesign may be altruistic and good for economic growth in the long run but the poor implementation strategy that have occasioned hardship has taken the shine off the good intentions.
The NBA-SPIDEL Chair continued that “People are suffering in having access to their money and the central bank that is the culprit is being treated with kid glove. Let us not blame the POS Agents and the Banks for chaos and confusion in the implementation of the policy. The poor implementation strategy of the central bank is too glaring for everyone to see. We are hoping that the 200 old notes will now be made available to the citizens to ease their sufferings.”
Finally I need to reiterate that the President erred in law to have subtley overruled the Supreme court’s express order. It is contemptuous of the Supreme Court Order simplicita. Let us not be carried away that he grudingly permitted old 200 naira notes to continue to be circulated till sometime in April this year. He has breached the Supreme Court Order by that announcement. For me as a lawyer it portends grave danger in our legal system.” Ubani warned.
