CBN Governor, Emefiele Sued To Court For Initial Non-Compliance Of Supreme Court Order

Godwin Emefiele, Governor of Central Bank Nigeria (CBN) has been sued at the Federal High Court in Lagos over alleged disobedience and of the Supreme Court Orders on Its naira redesign.

VerseNews Nigeria reports that the plaintiff, Tope Alabi, a Lagos-based activist lawyer filed the application through a March 27 ex parte motion in the suit with Emefiele listed as the sole respondent.

Describing the naira swap as a “cash confiscation policy”, he said it had affected the day-to-day running of his office as his staff could not make it to work daily due to the non-availability of physical cash, adding that commercial drivers “do not have point of sale (POS) device/machine to collect fares.”

The lawyer filed a 28-page affidavit said that the Supreme Court on March 10, in Suit No. SC. 162/2023, “directed Emefiele to make available and allow the old naira notes of N200, N500 and N1000 to co-exist as legal tender with the new N200, N500 and N1000 notes till December 2023.”

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“The respondent who had withdrawn N200, N500 and 1000 old notes from circulation on 10 February 2023 has refused to comply with the Order of the Supreme Court made on 10 March 2023 till date by releasing the old notes to circulation.”

Alabi added that the CBN’s alleged initial non-compliance with the Supreme Court Order “has affected my job as a legal practitioner as I could not have access to daily physical cash to carry out my job and meet little daily expenses.

“That I brought this application to seek leave to enforce the Supreme Court Order being a non-party to the suit at the Supreme Court.”

What you should know

• Supreme Court of Nigeria has on Friday March 3 declared that old N200, N500 and N1000 notes valid legal tenders.
• CBN refused to issue a statement in compliance to the supreme court order after about one week which triggers protest and hardship across the country.
• President Muhammadu Buhari in a statement said Emefiele has no excuse not to obey Supreme Court order on the validation of old currencies.
• CBN on Monday March 13 in compliance to the apex court order declared that old N200, N500 and N1000 notes remains valid legal tender till December 31, 2023.