New Naira Notes At Risk of Being Declared Illegal – Falana

New Naira Notes At Risk of Being Declared Illegal – Falana

Femi Falana, Senior Advocate of Nigeria, SAN, one of Nigeria’s most respected lawyers and rights activist, has raised the alarm that the newly unveiled new naira notes are at risk of being declared illegal and unconstitutional.

Femi Falana, Senior Advocate of Nigeria, SAN, one of Nigeria’s most respected lawyers and rights activist, has raised the alarm that the newly unveiled new naira notes are at risk of being declared illegal and unconstitutional.

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Recall that on October 26, 2022, Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele announced that the apex bank would issue the redesigned N200, N500, and N1,000 notes, effective December 15, 2022.

Less than a month after the announcement, on November 23, President Muhammadu Buhari and Mr. Emefiele unveiled the newly redesigned naira notes.

However, over the weekend, Mr. Falana raised the alarm that the new naira notes may be declared illegal if President Buhari does not do the needful.

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He therefore urged President Buhari to send a Supplementary Bill to the National Assembly to authorise the withdrawal of public fund from any account of the federation for the printing of the new naira notes.

He said unless this is done, the printing of the new naira notes – without appropriation by the National Assembly – may be declared illegal and unconstitutional, if it is challenged in a court of competent jurisdiction.

In a statement yesterday in Lagos, Falana who is also the Chairman of Alliance on Survival Covid-19 and Beyond (ASXAB), argued that a presidential endorsement is a it sufficient to legitimize the redesigning of the naira notes.

“Since the fund for the printing of the new naira notes is not captured in the 2022 appropriation bill, the president is advised to prepare an present a supplementary bill to the National Assembly to authorize the withdrawal of public fund from any account of the federation for printing the new naira notes.

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Otherwise, the printing of the new naira without appropriation by the national assembly may be declared illegal and unconstitutional if it is challenged in a court of competent jurisdiction.” He said.

Recall when the announcement to resign the naira notes was made in October, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed claimed that she is as not consulted prior to the announcement.

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New Naira Notes At Risk of Being Declared Illegal – Falana.

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