SERAP Sues President Buhari Over New Naira Policy

SERAP has filed a lawsuit against the President of Nigeria, Muhammadu Buhari, over his directive to ban the use of old N500 and N1,000 banknotes, which is contrary to the interim injunction granted by the Supreme Court.

The Supreme Court had held that the old banknotes remain legal tender pending the determination of a motion on notice fixed for February 22. Buhari, however, directed the Central Bank of Nigeria to recirculate only the old N200 banknotes and ban the use of old N500 and N1,000 notes in the country.

SERAP is asking the court to declare Buhari’s directive as unconstitutional, unlawful, null and void, and to issue an order of interim injunction restraining Buhari, the CBN and Malami, their agents or privies, from further enforcing the presidential directive. It is also seeking an order for the CBN to accept and give out the old N200, N500, and N1,000 banknotes as legal tender concurrently along with the new banknotes of the same denomination in line with the order of the Supreme Court.

The lawsuit also asks the court to declare that Buhari, the CBN and Malami have a constitutional duty to obey and enforce any decisions and orders of the Supreme Court, particularly the order allowing the use of old N200, N500 and N1,000 banknotes. No date has been fixed for the hearing of the suit.