Tinubu rallies ‘friendly’ governors against Buhari, CBN directive on old Naira notes

Presidential candidate of the ruling All Progressives Congress (APC), Bola Tinubu, has called on ‘friendly’ state governors in the country to shun President Muhammadu Buhari’s recent directive on the old Naira notes.

It would be recalled that President Muhammadu Buhari, in his nationwide address, Thursday, had ordered the reintroduction of the old N200 notes to co-exist with the new one as legal tender for 90 days ending April 10, this year.

Buhari’s order came barely a week to the expected ruling of the Supreme Court which had fixed February 22 to rule on the suit filed originally filed by three state governors of Zamfara, Kogi and Kaduna on February 3, challenging the decision by the Central Bank of Nigeria to terminate the old notes as non-legal tender after the expiration of the bank’s February 10 deadline on the old Naira notes.

Since Buhari’s address, Thursday, some state governors, notably; Nasir el-Rufai and Abdullahi Ganduje of Kaduna and Kano, respectively, have aired statewide broadcast on their own, telling resident to ignore President Buhari’s order and use and continue using the old Naira notes.

On Its part, the Lagos State Governor, Baajide Sanwo-Olu had equally asked resident criminalized rejection of the old notes, maintaining it is line with the position of the Supreme Court which had earlier asked the Federal Government to stay action on the old naira notes pending determination of the suit brought by the state governors.

However, weighing in on the issue, in a circular released, Friday through his Presidential Campaign Spokesperson, Mr. Dele Alake, Tinubu urged the state governors to ignore Buhari’s directive, and stand with the Supreme Court ruling on the issue.

“All friendly governors must replicate Kaduna address immediately to assure the integrity of the SC (Supreme Court) and (the) rule of law for the local & international community.

“This is the essence of constitutional federation with the SC having the final say and follows USA best practice”, the circular read.

It would be recalled that last Wednesday, February 8, the Supreme Court while ruling in the suit filed by the three state governors against the Federal Government’s Naira swap policy, ordered the Federal Government to halt the planned implementation by the Central Bank of Nigeria (CBN) of a February 10 deadline for cessation of the old Naira as legal tender in the country, pending final determination of the subsisting suit in the court.

The plaintiffs (three state governors) had in a motion ex-parte filed on February 3, prayed the court to halt the naira redesign policy of the Central Bank of Nigeria (CBN).

The Supreme Court had in a unanimous ruling on February 8, granted an interim injunction restraining the Federal Government, the CBN and commercial banks from implementing the February 10, deadline for the old 200, 500 and 1000 Naira notes to stop being legal tender.

“After a careful consideration of this ex-parte application, and the grounds in support of same, this court finds that there is real urgency for this court to intervene by the grant of this application.

“Accordingly, this application is hereby granted as prayed.

“That is to say, an order of interim injunction restraining the Federal Government of Nigeria, either by itself or acting through the Central Bank of Nigeria (CBN) and/or the commercial banks, its agents; agencies, corporations, ministries, parastatals, organizations or through any person or persons (natural and artificial) howsoever, from suspending or determining or ending on the 10th of February 2023 the timeframe within which the now older versions of the 200, 500 and 1000 denominations of the naira may no longer be legal tender, pending the hearing and determination of the plaintiffs/applicants’ motion on notice for interlocutory injunction,” the Supreme Court has ruled, last Wednesday.

Again, the apex court, at its resumed hearing on February 15, the Supreme Court while ruling in the suit brought by three state governors against the federal Government challenging its naira swap policy, insisted that its order restraining the Federal Government from further implementing the Naira swap policy or setting a deadline of February 10 for discontinuation of the old notes through the Central Bank of Nigeria (CBN), still subsists.

The seven-man panel of Justices led by Justice John Okoro, had adjourned the matter to February 22 after hearing arguments from both counsels, as well as ordering the plaintiffs to amend their originating process to reflect fresh co-plaintiffs, who had recently been joined to the suit.

At the hearing of the suit, Wednesday, counsel to the Kaduna, Kogi and Zamfara states, Abdulhakeem Mustapha (SAN) drew the attention of the court that the Federal Government and its agencies have failed to comply with the order halting the implementation of the Naira swap policy and have allegedly directed the rejection of the old notes.

Mustapha said the plaintiff filed a notice of non-compliance with the order of the court order made on February 8, as he demanded that the court take action against the respondent to protect the dignity of the court.

“That order has been flouted by the government. We are talking of executive lawlessness here. We have filed an affidavit to that effect…We want the court to renew the order for parties to be properly guided.”

Responding, Justice Okoro asked Mustapha to file a proper application to put forward his complaints and to enable the respondent respond appropriately, as he stated that there was no need for a renewal of the court’s order.

According to Justice Okoro, since the order made by the court on February 8 was made pending the determination of the motion for injunctions filed by the plaintiff, it still subsists since the motion was not yet heard.