The non-governmental organization known as the Socio-Economic Rights and Accountability Project (SERAP) has initiated legal action against the President of Nigeria, Major General Muhammadu Buhari (retired), regarding “the unlawful directive banning the use of old N500 and N1,000 banknotes, contrary to the interim injunction granted by the Supreme Court that the old N200, N500, and N1000 notes remain legal tender.”
The Attorney General of the Federation and Minister of Justice, Abubakar Malami, SAN, and the Central Bank of Nigeria have also been named as Defendants in the legal action. Recently, the Supreme Court ruled that the old banknotes are still legal tender until a motion on notice fixed for February 22 is determined, despite the deadline for swapping the old notes having expired on February 10.
President Buhari, on the other hand, instructed the CBN in a national broadcast on Thursday to only recirculate old N200 banknotes and prohibited the use of old N500 and N1,000 notes in Nigeria. SERAP has now filed a lawsuit, with the reference number FHC/ABJ/CS/233/2023, in the Federal High Court, Abuja, to ask the court to determine whether President Buhari’s directive violates the constitutional duties to obey the decisions of the Supreme Court and his oath of office by banning the use of N500 and N1,000 banknotes.
