SERAP sues Buhari over ‘unlawful ban’ on old N500, N1,000 notes

The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against President Muhammadu Buhari over “the unlawful directive banning the use of old N500 and N1,000 banknotes, contrary to the interim injunction granted by the Supreme Court that the old N200, N500, and N1000 notes remain legal tender.”

Joined in the suit as Defendants are the Attorney General of the Federation and Minister of Justice, Abubakar Malami, and the Central Bank of Nigeria (CBN).

The Supreme Court in a case initially brought by three states recently held that the old banknotes remain legal tender pending the determination of a motion on notice fixed for 22 February. The deadline for the swap of the old notes expired on 10 February.

However, Mr Buhari in a national broadcast last week directed the CBN to recirculate only the old N200 banknotes, thereby overruling the Supreme Court and banning the use of old N500 and N1,000 notes in the country.

In the suit number…