According to human rights attorney Dr. Monday Ubani, President Muhammadu Buhari’s decision to reintroduce the old N200 notes into the Nigerian economy invalidates the Supreme Court’s verdict that ruled the old notes are still valid forms of payment.
The old N200 note will continue to circulate till April 10 as directed by the President in a speech on Thursday, however the old N500 and N1000 notes will no longer be accepted by deposit money banks.
The development, according to Ubani, a guest on Channels Television’s Sunrise Daily, sets a poor precedent and demonstrates how little respect the current administration has for court judgments.
He said, “There was an interim order which says there should be a stay of action until all grievances are looked at because unfortunately many other states are joining the suit, and the Supreme Court saw the wisdom in giving room for other parties to join so that there will proper parties before it before going ahead to look at the issues on its merit, that was why there was an adjournment yesterday.
“But unfortunately what the president has done this morning is ignore whatever is going on at the Supreme Court.
“When you say you will only allow old N200 to be in circulation, it means old N500 and N1000 are no longer legal tenders.
“My own understanding of what has taken place is that he has overruled the Supreme Court. He’s clearly not mindful of what is going on at the Supreme Court with what he has just done.
“I am not too happy with what has happened this morning in terms of the president overruling the Supreme Court. We are not telling the world that we are practicing democracy. It is not a proper precedent.
“If you cannot obey your court orders, how do you instill confidence in the international community to come into your country to make investments? In case there is any dispute, can there be a decision of the court that can be complied with within your country? We are not sending the right signal”
The redesign of the Naira, according to President Buhari in the national broadcast, will reduce inflation, fight corruption, and increase transparency. Additionally, he stated that he had requested the CBN make the new banknotes easier for Nigerians to acquire and made a request for their patience.
Furthermore, he claimed that the currency redesign had lessened the power of money in politics, ensuring the validity of this month’s general elections.
