February 19, (THEWILL) – The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against President Muhammadu Buhari over the “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 notes remain legal tender.”
Joined in the suit as Defendants are the Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN) and the Central Bank of Nigeria (CBN).
The Supreme Court had, in a case initially filed by Kaduna, Zamfara and Kogi State governments, restrained the Federal Government from implementing the February 10 deadline to phase out the old N200, N500, and N1000 banknotes.
However, while directing the CBN to recirculate the old N200 note to the financial system to ease the current cash crunch, President Buhari in a nationwide broadcast on Thursday, insisted that the N500 and N1000 notes remain illegal and phased out.
“To further ease the supply pressures, particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023, to April 10, 2023, when the old N200 notes cease to be legal tender.
“In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points,” Buhari directed in his State of the Nation address.
But in the suit number FHC/ABJ/CS/233/2023 filed last Friday, at the Federal High Court in Abuja, SERAP asked the court to determine “whether President Buhari’s directive banning the N500 and N1,000 banknotes 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 (SAN) and Kolawole Oluwadare.
SERAP is seeking “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.
“An order of interim injunction restraining President Buhari, the CBN and Mr Malami, their agents or privies from further enforcing the presidential directive banning the old N500 and N1,000 banknotes, pending the hearing and determination of the motion on notice filed contemporaneously in this suit.
“A DECLARATION that by virtue of section 287(1) of the Nigerian Constitution 1999, President Buhari, the CBN and Mr Malami have a constitutional duty to obey and enforce any decisions and orders of the Supreme Court, particularly the order allowing the use of old N200, N500 and N1,000 banknotes.
“AN ORDER restraining and stopping the CBN from carrying out and giving effect to the directive of the President directing and approving that the old N500 and N1,000 banknotes are no longer legal tender and the old N200 banknote will cease to be legal tender on 10 April 2023, in compliance with the order of the Supreme Court of Nigeria, made on 8 February 2023 in Suit Number SC/CV/162/2023– Attorney General of Kaduna State & 2 Ors v. Attorney General of the Federation;
“AN ORDER mandating the CBN to direct all commercial banks in Nigeria to accept and give out the old N200, N500, and N1,000 banknotes as legal tender concurrently along with the new banknotes of the same denomination in line with the order of the Supreme Court of Nigeria made on 8 February 2023 in Suit Number SC/CV/162/2023 – Attorney General of Kaduna State & 2 Ors v. Attorney General of the Federation;
“ANY ORDER(S) that the Honourable Court may deem fit to make in the circumstance of this suit.”
No date has been fixed for the hearing of the suit.
