By Muhammad Aminu
A Kano-based lawyer, Sanusi Umar Sadiq has dragged the Central Bank of Nigeria (CBN) alongside its governor, Godwin Emefele, to a Federal High Court in Kano over currency swap deadline of 31st January, 2023.
Barr Sadiq is asking the Court of his fundamental human rights in line with sections 44 and 46 of the 1999 Constitution, Article14 of the African Charter on Human and Peoples’ Right Act, Laws of the Feederation of Nigeria 2010 Order Rule 2 and 3 of the Fundamenmtal Rights Rule 2009.
He asked the Court to declare that the cessation of the existing N200, N500 and 1000 from being used as legal tender from 31st January 2023 as unlawful and unconstitutional.
The legal luminary contended that the arbitrary stoppage of the existing notes which are largely in circulation will cripple the econmony and further entrench poverty among Nigerians.
“An order of this Honorable Court enforcing the Fundamental Rights of the Applicant as enshrined under and guaranteed by the 1999 Constitution of the Federal Republic of Nigeria (As Altered) and the African Charter on Human and Peoples’ Rights (Ratification and Enforcement) Act Cap. A9, Laws of the Federation of Nigeria 2010.
“…that it is unlawful and unconstitutional for the Respondents to declare the existing N200, N500 and N1, 000 currency notes, which are currently largely in circulation, as no longer the legal tender of Nigeria by 31st January, 2023.
“…that the abrupt and arbitrary policy adopted by the Respondents to make the existing N200, N500 and N1, 000 currency notes that are widely in circulation now is a threat to national security and inimical to national interest as same will cripple the economy and throw many more innocent Nigerians into poverty.
“…this Honorable Court restraining the Respondents from making the existing N200, N500 and N1, 000 currency notes cease to be the legal tender in Nigeria by 31st January, 2023, which currency notes are the ones largely in circulation now, are the ones issued by the various commercial banks in the country, and are the ones dispensed by the various Automated Teller Machines (ATMs),” the originating motion states.
According to him, he wants the Court to compel the CBN and its governor “to follow and comply with the Global Best Standard Practices for changing currency whereby the old ones are gradually withdrawn from circulation by not releasing them to the public once they get deposited in banks within a reasonable time that shall not be less than six months.”
Barr Sadiq argued that the apex bank has not made adequate preparations or put in place appropriate measures to make the redesigned notes available to the public as the commercial banks across the country, both within the banking halls and via the Automated Teller Machines (ATMs) continue issuing and dispensing the currency notes intended to be replaced until few days to the deadline.
He urged the Court to restrain the Bank else “they will throw the country into an economic chaos and anomie.”