Ebun-Olu Adegboruwa, a Senior Advocate of Nigeria (SAN), has urged the President of Nigeria, Muhammadu Buhari to follow the Supreme Court’s decision to overturn the contentious naira redesign program.
The Central Bank of Nigeria (CBN) began redesigning the N200, N500, and N1,000 banknotes in October with Buhari’s approval. The old notes must be disposed of by January 31, 2023, which was later extended to February 10.
However, the policy was suspended by the Supreme Court on February 8 with an interim injunction, but the President insisted on carrying it out except for the old N200 notes, whose circulation he permitted until April 10.
Several Nigerians from all walks of life experienced problems and widespread naira scarcity as a result of the strategy.
The Supreme Court decided on Friday that all of the former denominations will remain legal cash until December 31, 2023, a decision that many people see as a good conclusion to the naira exchange drama.
Adegboruwa responded to the ruling in a statement, saying, “As there is no room for further appeal against the judgment of the Supreme Court, I urge the President to immediately direct the Central Bank of Nigeria to fully comply with the judgment of the Supreme Court, as stated under section 287(1) of the Constitution, and allow ALL the N200, N500, and N1000 old Naira notes to be circulating alongside the Naira new notes till December 23, 2023.
He praised the ruling as a “courageous confirmation of the sanctity of the rule of law and due process, in a democracy” and described the policy as “arbitrary and capricious”.
The SAN claimed that the supreme court has provided a welcome respite from the suffering that Nigerians have experienced over the past few weeks as a result of a “very stupid” policy.
“The court should always be the venue for the resolution of all disputes by all aggrieved people,” the statement reads in part.
“I commend the Supreme Court judges’ cunning and bravery for acting to save Nigerians from the agonies of death, frustration, and impending economic recession.
There will be jubilation today over the entire country in many homes, businesses will bounce back and Nigerians will find cause to celebrate their freedom from all forms of dictatorship and arbitrariness.”
