16th February, 2023
The Lagos State Government on Monday said President Muhammadu Buhari does not have the power to repeal the Supreme Court’s order validating the use of old Naira notes pending the determination of the case in court.
Buhari had on Thursday announced that the CBN would allow banks to circulate the old N200 notes until April 10 while the old N500 and N1,000 notes ceased to be legal tender.
This is contrary to the Supreme Court’s position that the old and new notes should co-exist until the substantive matter, which will be heard on February 22, is heard.
Lagos State Attorney-General and Commissioner for Justice, Mr. Moyosore Onigbanjo (SAN) said the rejection of the old notes is contrary to the Supreme Court’s stand.
Onigbanjo stated this when he appeared on TVC Business Show, adding that petrol stations, banks and others who reject the old notes could be prosecuted.
The Senior Advocate decried the lingering naira scarcity in the land and the high charges by Point-of-Sales operators that have fostered untold hardship on Nigerians.
He noted that people who are hungry and have their means of livelihood eroded cannot care about any macro-economic policy or its short or long-term gain.
The Attorney-General said: “There is a contract between a customer and a bank that says when you bring your money to us you can have it back on demand. Any bank that refuses to give the money on demand has violated the terms and conditions of that contract and can be sued. I will advise Lagosians who have experienced suffering and injury as a result of the situation to press charges”.
In the Commissioner’s view, it is ridiculous that Nigerians are buying their own money. “Even the producers of goods and services are losing money due to the scarcity of new notes to purchase their products easily”, he said.
On his legal perspective on the recent Supreme Court ruling, the AG noted that though President Muhammadu Buhari has enormous powers, he cannot repeal the order of the Supreme Court or any other court in the country.