CSO condemns Buhari’s decision to only accept N200 notes as legal tender

A civil society organisation has condemned President Muhammadu Buhari for saying only the 200 naira notes remain legal tender alongside the new 200, 500 and 1000 naira notes.

In a press statement, the group Executive Director, Nelson Ekujimi says pronouncing only the 200 naira as legal tender goes against the Supreme Court’s order and as such the President is in contempt of court.

The group also condemned the violence that has broken out in some parts of the country as a result of the naira redesigned policy which has caused
scarcity of the naira but asks Nigerians to remain calm.

Meanwhile, a Senior Advocate of Nigeria, Ebun-Ola Adegboruwas has slammed Buhari for attempting to “overrule the Supreme Court of Nigeria.”

In a case filed by Kaduna, Kogi, and Zamfara states last Wednesday, the Supreme Court barred the Federal Government, acting through the Central Bank of Nigeria (CBN) or any other agent, from enforcing the February 10 deadline for the use of old naira notes.

In a unanimous ruling by a seven-member panel, led by Justice John Okoro, it held that the “interim injunction” will subsist “pending the hearing and determination of the plaintiffs/applicants’ motion on notice for interlocutory injunction.”

The Court had said its February 8 order barring the Federal Government and its agencies from enforcing the February 10 deadline for the use of old 200, 500, and 1000 naira notes subsists.

But, despite touting his administration’s “respect” for the rule of law and admitting in his speech that “the subject matter is before the courts and some pronouncements have been made”, the President still disregarded the apex court’s order in part.

He said: “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 ceases to be legal tender.”