President Muhammadu Buhari has said that the old N500 and N1,000 notes are no longer legal tender despite an order of the supreme court against such.
The president made this known on Thursday morning during an address to Nigerians where he also apologised to Nigerians over the difficulties experienced in accessing the scarce new naira notes.
He however said that the old N200 note will be legal tender for the next 60 days, till April 10, 2022, while besieging Nigerians to deposit their old N500 and 1000 notes with the CBN.
The president said, “Let me re-assure Nigerians, that strengthening our economy, enhancing security and blockage of leakages associated with illicit financial flows remain top priorities of our administration. And I shall remain committed to my oath of protecting and advancing the interest of Nigerians and the nation, at all times.
“In the last quarter of 2022, I authorised the Central Bank of Nigeria to redesign the N200, N500, and N1000 Nigerian banknotes. For a smooth transition, I similarly approved that the redesigned banknotes should circulate concurrently with the old bank notes, till 31 January 2023, before the old notes, cease to be legal tender.
“During the extended phase of the deadline for currency swap, (from January 31 till February 10) I listened to invaluable pieces of advice from well-meaning citizens and institutions across the nation.
“I similarly consulted widely with representatives of the State Governors as well as the Council of State. Above all, as an administration that respects the rule of law, I have also noted that the subject matter is before the courts of our land and some pronouncements have been made.
“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.”
He continued, “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. I admonish every citizen to strive harder to make their deposits by taking advantage of the platforms and windows being provided by the CBN.”
Buhari’s position on the naira note is coming amidst an ongoing trial at the supreme court over the status of the old N200, N500 and 1,000 notes respectively.
The supreme court ruled that the old notes still be maintained as legal tender till it delivers its verdict on Wednesday, 22nd of February, 2023.
A Senior Advocate of Nigeria, Ebun-Olu Adegboruwa, has however described Buhari’s broadcast on the status of the old notes as contempt of court. He noted that the president cannot overrule the supreme court.
Adegoruwa, in a statement on Thursday morning, faulted the president, saying he flouted the principle of the separation of powers.
He said, “There is separation of powers in a democracy.
“Under section 235 of the 1999 Constitution, the Supreme Court is the final authority in legal pronouncements in Nigeria.
“Under section 287(1) of the Constitution, the President is statutorily obliged to obey, enforce and give effect to the decision of the Supreme Court.
“Section 287(1) of the 1999 Constitution:
“(1) 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.”
Adegoruwa added that the president’s broadcast is “sad for our democracy.”
He added, “Since he already admitted that the matter is subjudice, the President should not have proceeded to vary the order of the Supreme Court.
“The president and indeed the executive should not give the impression that citizens can brazenly disregard lawful orders of any court, as that will only encourage anarchy and lawlessness.
“It amounts to executive rascality and brazen disregard and contempt of the Supreme Court, for the President to separate the denomination of the old notes for legality. It is not open to the President to choose which portion of the order of the Supreme Court that will be obeyed.
“The President should reverse his directive and add the N500 and N1000 old notes, failing which the Supreme Court should overrule the directive of the President in on February 22 when the case comes up.”
