With regard to “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 notes remain legal tender,” the Socio-Economic Rights and Accountability Project has filed a lawsuit against President Major General Muhammadu Buhari (retd.).
The Attorney General of the Federation and Minister of Justice, Abubakar Malami, SAN, as well as the Central Bank of Nigeria, have been added to the lawsuit as defendants.
In a dispute that was first launched by 10 states, the Supreme Court has ruled that the old banknotes continue to be valid until the outcome of a move on notice scheduled for February 22. The time for exchanging the previous notes passed on February 10.
However, Buhari in a national broadcast on Thursday directed the CBN to recirculate only the old N200 banknotes, banning the use of old N500 and N1,000 notes in the country.
In the suit number FHC/ABJ/CS/233/2023 filed last Friday at the Federal High Court, Abuja, SERAP is asking the court to determine “whether 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.”
SERAP is asking the court for “a declaration that 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.”
In addition, it asks for a temporary restraining order to prevent Buhari, the CBN, Malami, and any of their agents or privies from carrying out the presidential order banning the old N500 and N1,000 banknotes. This is done while the motion on notice filed in the lawsuit is heard and decided.
Lawyers Kolawole Oluwadare and Ebun-Olu Adegboruwa, SAN, filed the lawsuit on behalf of SERAP. Moreover, SERAP is requesting the following reliefs from the court:
An affirmation that, in accordance with section 287(1) of the 1999 Nigerian Constitution, Buhari, the CBN, and Malami are obligated by law to abide by and carry out all rulings and orders of the Supreme Court, including the ruling approving the usage of the old N200, N500, and N1,000 banknotes;
An order prohibiting the Central Bank of Nigeria (CBN) from carrying out and putting into effect the President’s directive that the old N500 and N1,000 banknotes are no longer legal tender and that the old N200 banknote will stop being accepted on April 10, 2023, in accordance with the ruling of the Supreme Court of Nigeria in the case SC/CV/162/2023 – Attorney General of Kaduna State & two Ors v. Attorney General of the Federaton made on February 8, 2023
Together with a directive for the CBN to instruct all Nigerian commercial banks to accept and distribute the outdated N200, N500, and N1,000 banknotes as legal money concurrently with the newly issued notes of the same value in accordance with the directive.
No date has been fixed for the hearing of the suit.
