The Socio-Economic Rights and Accountability Project (SERAP) has taken legal action against President Muhammadu Buhari over his directive that the old N500 and N1,000 banknotes should not be used.
The ban was contrary to the interim injunction granted by the Supreme Court that the old N200, N500, and N1,000 notes remain legal tender. The Attorney General of the Federation and Minister of Justice, Abubakar Malami, SAN, and the Central Bank of Nigeria (CBN) were also named as Defendants in the suit.
SERAP is seeking a declaration that President Buhari’s directive is a fundamental breach of the Nigerian Constitution and his constitutional oath of office. SERAP is also asking for an order of interim injunction to restrain the President, the CBN, and Mr Malami from enforcing the ban on the old N500 and N1,000 banknotes, pending the hearing and determination of the motion on notice filed contemporaneously in this suit.
The lawsuit was filed at the Federal High Court in Abuja, with SERAP’s lawyers, Ebun-Olu Adegboruwa, SAN, and Kolawole Oluwadare, arguing that the directive is ultra vires and beyond the constitutional and legitimate powers of President Buhari and the government.
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