NBA asks Buhari to immediately comply with Supreme Court order on old naira notes

In a statement released on Monday, March 13, 2023, the NBA president, Yakubu Maikyau expressed concerns over the hardship the currency redesign policy has imposed on Nigerians.

The Supreme Court had on Friday, March 3, 2023, ordered that the old N1,000, N500 and N200 notes should be in circulation alongside the new notes till December 31, 2023.

But the federal government and the Central Bank of Nigeria (CBN) are yet to make any official statement in compliance with the court order.

The silence of the CBN and the government worsened the situation as businesses and traders to continue to reject the old notes. 

Commenting on the matter, Maikayu said that the refusal of federal government to obey the court order showed a failure of the constitution and democracy.

He said, “The supreme court has issued directives to the federal government for the benefit of the people and there is no option other than to comply. The president is under constitutional obligation to comply and enforce the decision of the supreme court,” the statement reads.

“Section 287 (1) of the constitution of the Federal Republic of Nigeria 1999 (as amended) provides that the decisions of the supreme court shall be enforced in any part of the federation by all authorities and persons, and by court with subordinate jurisdiction to that of the supreme court.

“Nigerians may not be too enchanted with our judiciary, and this may have arisen from unsubstantiated and spurious allegations of judicial misconduct, the fact however remains that we still must look to the judiciary as the only and final resort, to protect our rights as a people and secure probity in public life. The supreme court has spoken for the people of this nation and has appropriately issued ORDERS to the executive and the orders of the court must be complied with.

“We cannot under any guise or pretence accept or tolerate any appearance of autocracy or dictatorship. Our system of democratic governance has come to stay, it must not only be respected by all and sundry but must also be jealously guarded and protected. This is the greatest test or challenge to our constitutional democracy and the executive cannot afford to disregard the ORDERS of the supreme court made for the benefit of the people that elected it to power.

“I therefore on behalf of all Nigerians, call on the president to immediately direct compliance with the terms of the orders made by the supreme court in its judgement delivered on 3 of March 2023.”

He added that the NBA remain committed to the promotion, entrenchment and respect for the Rule of Law, integrity of the court and the independence of the judiciary.

Meanwhile, Governor Charles Chukwuma Soludo of Anambra state, said the Central Bank of Nigeria has directed commercial banks to dispense old naira notes and receive them as deposits from customers.

Soludo in a statement on Monday, March 13, 2023, said the CBN governor, Godwin Emefiele confirmed the development to him on Sunday, March 12, 2023, in a phone conversation.