Old naira notes: SERAP drags Buhari, Malami, CBN to court

Socio-Economic Rights and Accountability Project (SERAP) at the weekend disclosed that it has filed a lawsuit against President Muhammadu Buhari over “the unlawful directive banning the use of old N500 and N1,000 banknotes, contrary to the interim injunction granted by the Supreme Court that the old N200, N500, and N1000 banknotes remain legal tender.”

Joined in the suit as defendants are the Central Bank of Nigeria (CBN) and Abubakar Malami, the Attorney General of the Federation and Minister of Justice.

The Supreme Court had, in a case initially brought by ten states, held that the old N200, N500, and N1000 banknotes remain legal tender until the determination of a motion on notice fixed for February 22.

Also, recall that the deadline for the swap of the old notes expired on February 10.

However, Buhari, in a national broadcast last Thursday, ordered the CBN to recirculate only the old N200 notes, thereby overruling the apex court and banning the use of old N500 and N1,000 banknotes in Nigeria.

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But in the suit (No. FHC/ABJ/CS/233/2023) filed on Friday at the Federal High Court in Abuja, SERAP is asking the court to determine “whether President Buhari’s directive banning the N500 and N1,000 notes is not inconsistent and incompatible with the constitutional duties to obey decisions of the Supreme Court and oath of office.”

The suit was filed on behalf of SERAP by its lawyers Ebun-Olu Adegboruwa and Kolawole Oluwadare.

SERAP is also asking the court for “a declaration that President Buhari’s directive banning the use of old N500 and N1,000 banknotes is a fundamental breach of Section 287(1) of the Nigerian Constitution 1999 [as amended] and his constitutional oath of office, and therefore unconstitutional, unlawful, null and void.”

The organization is also seeking “an order of interim injunction restraining Buhari, CBN and Malami, their agents or privies from further enforcing the presidential directive banning the old N500 and N1,000 notes, pending the hearing and determination of the motion on notice filed contemporaneously in this suit.”

This is coming amidst the worsening scarcity of the new naira notes across Nigeria.

Earlier this week, angry citizens piled up the pressure with protests taking place simultaneously across the country.