Naira Crunch: Falana criticizes CBN for “failing to obey Supreme Court order”
Femi Falana, a senior Nigerian lawyer, has charged the Central Bank of Nigeria (CBN) with disobeying the Supreme Court’s temporary injunction suspending the use of the old banknotes’ deadline of February 10.
Nigerians flocked to various banks to deposit their old currencies after the redesign of the N200, N500, and N1,000 banknotes in November 2022. The initial deadline was January 31, but the apex bank later extended it to February 10.
However, the CBN was prevented from implementing the change by an interim injunction issued by the Supreme Court on February 8.
Falana, who appeared live on Tuesday’s episode of The 2023 Verdict on Channels Television, claimed that the administration was not prepared to abide by the directive.
In a nation where the rule of law prevails, it is expected that everyone – everyone – will comply with the ruling after the Supreme Court has decided a case or issued an order, he said.
“[A] statement was imputed to the Central Bank saying it would not follow the order because it was not a party to the lawsuit. I initially believed that would only occur in a banana republic.
After the Supreme Court’s ruling, I anticipated the Central Bank would publish a statement stating that “all activities remain stale until the 15th of February.”
He asserts that individuals purposefully disobeying court orders and undermining the rule of law will face legal consequences.
This time, in my opinion, an example must be set, so that no one feels above the law in our nation, he continued.
