The Social, Economic Rights and Accountability Project (SERAP) revealed at the weekend that it had filed a lawsuit against President Muhammadu Buhari over the “illegal directive banning the use of old N500 and N1000 banknotes, contrary to a temporary order issued by the Supreme Council of Ministers.” Old N200, N500 and N1000 remain legal notes.”
Joining in the suit as defendants are the Central Bank of Nigeria (CBN) and Abubakar Malamy, the Union Attorney General and Minister of Justice.
The Supreme Court, in a case initially brought by ten states, has ruled that the old N200, N500 and N1000 notes remain legal tender until an application on specific notice is decided on February 22.
Also, remember that the deadline to swap old banknotes expired on February 10th.
However, Buhari, in a national broadcast last Thursday, ordered CBN to redistribute only N200 old banknotes, thus overturning the Supreme Court and banning the use of old N500 and N1000 banknotes in Nigeria.
But in the suit (No. FHC/ABJ/CS/233/2023) filed on Friday in the Federal High Court in Abuja, SERAP is asking the court to determine “whether President Buhari’s directive banning N500 and N1000 banknotes is not inconsistent and inconsistent with duties.” constitutionality to obey Supreme Court decisions and take oaths of office.”
The lawsuit was filed on behalf of SERAP by its attorneys Ebun-Olu Adegboruwa and Kolawole Oluwadare.
SERAP also requests the court to “declare that President Buhari’s directive prohibiting the use of old N500 and N1000 banknotes is a fundamental violation of Section 287(1) of the 1999 Nigerian Constitution.” [as amended] and its constitutional oath, and therefore unconstitutional, illegal and invalid.”
The organization is also seeking “a temporary injunction restraining Buhari, CBN and Mallamy or their agents or privacy from enforcing a Presidential Directive banning old N500 and N1000 banknotes, pending the hearing and determination of the application on the notice concurrently filed in this suit.”
This comes amid a worsening scarcity of new naira notes across Nigeria.
Earlier this week, angry citizens ramped up the pressure as protests occurred simultaneously across the country.
Old Naira notes: SERAP drags Bukhari, Malami and CBN to court
