Naira swap: Buhari lacks authority to override Supreme Court

Controversies have continued to trail President Muhammadu Buhari national broadcast on Thursday directing the Central Bank of Nigeria (CBN) to reinject the old 200 naira notes and allow it co-exist with the redesigned N200, N500 and N1000.

Reacting to the directives, the Centre for Democracy and Development (CDD), says President muhammadu Buhari lacked the authority to override any court in the land.

Recall that the Supreme Court had ruled that the old notes should co-exist with the new ones pending when the cause would come up for hearing Wednesday February 15.

And notwithstanding the Supreme Court order, the CBN insisted the February 10 remained sacrosanct, a development that led to banks, filling stations and other centres of business activities rejecting the affected notes.

In a statement issued Thursday in Abuja, CDD Director Idayat Hassan urged the president to immediately purge himself of his unconstitutional overreach and align himself with the ruling of the apex court.

She said for a government with a history of routinely disobeying court orders, this goes beyond the fine details of policy preferences.

READ ALSO: Naira scarcity may aggravate forex shortages, Fitch warns FG

The CDD said: “We note, with concern, the President’s decision to unfortunately take steps contrary to the position of the Supreme Court on a case concerning the policy; this is sub-judice. The apex court ruling on the implementation of the redesign policy is that the old notes remain legal tender until the court gives a final verdict.

“It therefore amounts to a flagrant disobedience and violation of the orders of the highest court in the land for the President to carry on as if the ruling of the Supreme Court is of no effect.

“CDD is convinced that this is an egregious affront on the rule of law, and the principle of separation of powers. In a constitutional democracy, which is anchored on the rule of law and separation of powers, the President’s action amounts to an unconstitutional power grab, which degrades our democracy.

“President Buhari’s decision has dire consequences for the 2023 general elections, which are less than 10 days away. Observers from all over the world are in Nigeria to witness the elections and report on the growth of the Nigerian democracy.

“This flagrant side-stepping of the Supreme Court’s decision does no good for our nation, the elections and the democracy we have collectively nurtured over the last 23 years.

“With less than 120 days to the end of the president’s second and final term in office, we believe this is a clear opportunity for President Buhari to loudly show his support for the rule of law, and live up to the promise he made to the Nigerian people to be a reformed democrat.”