Menu Close

Naira Policy: SERAP urges Federal Government on compliance with Supreme Court’s order on old banknotes

Old N200, N500 and N1000 Notes

*The Socio-Economic Rights and Accountability Project urges President Muhammadu Buhari to disclose details of the Federal Government’s compliance with the Supreme Court order to retain the old N200, N500, and N1,000 banknotes as legal tender till December 31 this year

Isola Moses | ConsumerConnect

The Socio-Economic Rights and Accountability Project (SERAP) has challenged President Muhammadu Buhari to disclose the Federal Government’s plans to obey the Supreme Court’s order on the Naira redesign policy.

Kolawole Oluwadare, Deputy Director at SERAP, said this in a statement issued Sunday, March 5, 2023.

Photo collage of President Muhammadu Buhari and SERAP logo

ConsumerConnect had reported the Supreme Court recently extended the validity of the old N200, N500, and N1,000 banknotes till December 31 this year.

The country’s apex appellate court had ruled the Central Bank of Nigeria (CBN) must continue to receive the old notes from Nigerian consumers.

The Court also held President Buhari’s directive on the redesign of the new notes without due consultation with certain stakeholders, and his instruction to the CBN to re-issue only the old N200 notes into circulation is invalid.

SERAP in the statement therefore, urged Buhari to “disclose details of the measures your government is taking to immediately and effectively obey the Supreme Court decision extending the validity of the old N200, N500, and N1,000 notes, and directing the Central Bank of Nigeria (CBN) to continue to receive the notes from Nigerians.”

Oluwadare also advised the President “to publicly instruct the CBN to immediately and effectively implement the Supreme Court decision ordering an end to the cash withdrawal limits imposed by banks because such restrictions violate citizens’ right to freely use their property.

“There is an overriding public interest in disclosing the details of the measures your government and the CBN are taking to effectively and satisfactorily obey the Supreme Court decision.”

The human rights group noted: “Disclosing the measures that your government and the CBN are taking to implement the Supreme Court decision would also enable Nigerians to monitor and scrutinise the level of compliance with the decision.

“The public should not be kept in the dark on what your government and the CBN are doing to implement the decision.”

SERAP further stated the government’s widely publishing the implementation measures of the Court’s order on old banknotes “would also improve accountability of state officials and public confidence in the rule of law and Nigeria’s democracy.”

Kindly Share This Story

 

Kindly share this story