President Muhammadu Buhari‘s directive to the Central Bank of Nigeria (CBN) to release the old N200 notes into circulation till 10 April, 2023, is contrary to the position of the Supreme Court of Nigeria.
Development Diaries reports that a seven-man panel of the apex court had on 08 February, in a unanimous ruling, granted an interim injunction restraining the federal government from implementing the CBN’s February 10 deadline for the naira swap.
The ruling followed a suit filed by the governors of Kaduna, Kogi and and Zamfara states seeking to halt the implementation of the CBN policy.
The court also adjourned a hearing in the suit to Wednesday, 22 February, 2023, while affirming the validity of the use of old 200, 500 and 1,000 naira notes.
Section 287, subsection one of the 1999 Constitution, as amended, provides that the decisions of the Supreme Court shall be enforced in any part of the federation by all authorities and persons.
‘The decisions of the Supreme court shall be enforced in any part of the federation by all authorities and persons, and by courts with subordinate jurisdiction to that of the Supreme Court,’ the section reads.
However, the president directed the CBN to only release the old 200 naira notes. This was after protests broke out in some states on Wednesday, 15 February, over the scarcity of the new N200, N500, and N1,000 notes and rejection of the old ones.
The demonstrators took to the streets in reaction to commercial banks nationwide rejecting the old currency in line with a position taken by the CBN.
The purchasing ability of citizens has been severely impacted by the poor implementation of this policy and the situation is getting worse.
Based on Section 287 of the 1999 Constitution, President Buhari has undoubtedly violated the law by subverting the order of the apex court.
Development Diaries believes that this is a slap in the face of the rule of law and ultimately a direct assault on the authority of the apex court.
In a democracy, the pronouncement of the Supreme Court is the law, and everybody, including the president, is bound by it.
We, therefore, call on the president and Emefiele to admit the poor implementation of this policy and respect the order of the Supreme Court.
Photo source: Presidency Nigeria
