Dr. Monday Ubani, a human rights attorney, has voiced his apprehension about the reintroduction of old N200 notes into the Nigerian economy by President Muhammadu Buhari.
Ubani regards this move as a violation of a Supreme Court order that declared old notes as legal tender. During his appearance on Channels Television’s The 2023 Verdict, Ubani condemned the President’s decision, stating that it sets a bad precedent and highlights the government’s disrespect for court rulings.
Ubani revealed that the Supreme Court had issued an interim order to suspend any action regarding the matter until all grievances were resolved, and other states had joined the lawsuit. Despite this, the President’s speech on Thursday instructed the Central Bank of Nigeria (CBN) to reintroduce the old N200 notes until April 10, while Deposit Money Banks will no longer accept the old N500 and N1000 notes.
Ubani believes that the President has ignored the ongoing proceedings at the Supreme Court and overruled their judgment.
Ubani expressed his displeasure at the President’s actions, stating that it could undermine confidence in the legal system and discourage foreign investments. He added that non-compliance with court orders sends a negative message and sets an unhealthy precedent.
In a national broadcast, President Buhari claimed that the currency redesign would reduce corruption, curb the influence of money in politics, and increase transparency. He also requested that the CBN make the new banknotes more readily available to Nigerians and sought their cooperation.