Let old naira notes remain legal tender till year end, Falana-led group tells FG

The Alliance for Surviving COVID-19 and Beyond (ASCAB), a coalition of 70 labour and civil society organisations (CSOs), has proffered solutions to end the scarcity of cash in the country. 

ASCAB’s position was contained in a statement by Femi Falana, its chairperson, on Sunday.

In a national broadcast earlier on Thursday, President Muhammadu Buhari had said the old N500 and N1,000 notes are no longer legal tender.

However, he said the old N200 note will remain legal tender until April 10 when they will cease to be valid.

Reacting to the development, the coalition said Buhari’s decision is not enough to end the crisis, adding that there are not enough old N200 notes to replace the old N1,000 and N500 notes. 

“The suffering of the Nigerian people is getting worse by the day. President Buhari in his message to the nation gave no hope that this suffering will end anytime soon,” ASCAB said. 

“We need action now to reverse the fuel price increases and to make money available again. Our suffering cannot continue – we cannot live like this. After 13 days (rather than seven) President Buhari eventually announced a decision this morning. But it is not enough to end the crisis. 

“There are not enough old 200 naira notes to replace all the old N1,000 and N500 notes. In addition, the new deadline of 10th of April is too close.

“If the government was serious, the crisis could be ended in a few days. All the old currency notes could be made legal tender until the end of the year. 

“In addition, all the old currency could be changed at the banks as well as at the CBN until the end of next year. This would give confidence back in the markets and the old currency would again be accepted.

“The problem is that the corrupt elite thinks that increased suffering and deaths of the common people is a price worth paying if they defeat their opponents. Hungry people can no longer buy food and so they are in more danger of dying from common diseases. 

“People cannot afford to travel to hospital. If they get there, they cannot afford tests. If they take the tests, they cannot afford the medicine.” 

ASCAB said the crisis was created by the government, adding that “the government could end this crisis in a matter of days”. 

“The CBN could issue old currency notes to the banks to issue to the public in a matter of days. That is all that is needed to end the crisis. The untold crisis across the country, the misery, suffering, and deaths are a result of a fight between different clans of the corrupt elite,” the statement reads. 

“The common people are suffering as a result of disputes over who will loot for the next four years or more. Unless firm action is taken, this crisis will get worse in the days to come. The suffering and anger are likely to make violence around the election worse. 

“Then we still have to suffer the Buhari Government for at least another three months. Any alternative to this will only make the situation worse.” 

‘BUHARI LACKS POWER TO OVERRULE SUPREME COURT’

On February 8, 2023, the supreme court had ordered the federal government, Central Bank of Nigeria (CBN), and all commercial banks to allow the old N200, N500 and N1,000 notes to remain legal tender. 

On Wednesday, the court adjourned the hearing of the case.

Reacting further to Buhari’s address on Thursday morning, ASCAB said the president’s directive on the old notes is contrary to the ruling of the supreme court. 

“With respect, the decision of the President to exclude old N500 and N1000 notes from the legal tender of Nigeria is of no legal effect as it constitutes a contravention of section 287(1) of the Constitution which provides that the decisions of the Supreme court shall be enforced in any part of the Federation by all authorities and persons, and by courts with subordinate jurisdiction to that of the Supreme court,” the statement reads.

Falana cited a previous supreme court case dating back to 1983 when a public officer was suspended from office.

The ASCAB chair added that the said officer filed a case before the Lagos state high court to seek redress, adding that “while the case was pending, the then military dictator, Major General Muhammadu Buhari, dismissed the officer in the public interest under the Public Officers (Special Provisions) Decree No 17 of 1984″.

Quoting the position of the supreme court which set aside the dismissal in the case of “Garba vs. Federal Civil Service Commission (1998) 1 NWLR (PT  71) 449 at 453 -454”, Falana shared a statement he credited to Kayode Eso, a justice of the apex court regarding the case.

“What remains now is an examination of the act of the Respondents in dismissing the Appellant from office during the pendency of the action. Such action, I think is contemptuous of the judiciary, which has been seized with determination of civil right under the constitution and which has been left unscathed by all military coups,” Eso was quoted as saying.

“For the judiciary, a powerful arm of government to operate under the rule of law, full confidence, and this must be unadulterated, must exist in that institution. It must indeed be demonstrably shown especially if it is the other arms of government that are involved. In civil days, both the Executive and the Legislation must show to the entire nation their demonstrable confidence in the judiciary. The responsibility is greater during military rule. 

“The military in coming to power is usually faced with the question as to whether to establish a rule of law or rule of force. While the latter could be justifiable a rule of terror, once the path of law is chosen the mighty arm of government, the militia which is an embodiment of legislature and executive must in humility bow to the rule of law thus permitted to exist.”

Falana added that with the supreme court’s position on the Garba case, the federal government needs “to comply with the judgment of the Supreme Court without any further delay”.

“After all, President says loudly that he has since become a converted democrat,” he added.