Naira Crunch: Falana Reacts To CBN ‘Failure To Obey Supreme Court Order’

Naira Crunch: Falana Reacts To CBN ‘Failure To Obey Supreme Court Order’

Femi Falana, a Senior Advocate of Nigeria, has accused the Central Bank of Nigeria (CBN) of violating the Supreme Court’s interim injunction suspending the implementation of the February 10 deadline for the use of old banknotes.

Following the redesign of the N200, N500, and N1,000 banknotes in November 2022, Nigerians flocked to various banks to deposit their old currencies by the January 31 deadline, which was later extended by the apex bank to February 10.

However, on February 8, the Supreme Court issued an interim injunction preventing the CBN from carrying out the implementation.

Read Also Emefiele Finally Reveals Position On February 10 Old Naira Note Deadline

However, Falana, who appeared live on Channels Television’s The 2023 Verdict on Tuesday, stated that the government was not prepared to comply with the order.

“In a country where the rule of law operates, once the Supreme Court has determined a matter or given an order, it is expected that all and sundry – everybody – will comply with the order,” he said.

“[A] statement was credited to the Central Bank that since it was not a party to the case, it’s not going to comply with the order. I thought that could only happen in a banana republic.

“I expected the Central Bank to have issued a statement following the order of the Supreme Court: ‘all actions are stale until the 15th of February.’”

According to him, the law will be used to deal with those who deliberately disregard court orders and undermine the rule of law in Nigeria.

“For me, an example has to be made this time around, so that nobody will feel that he’s above the law in our country,” he added.

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