Naira Swap: Supreme Court Could Overrule N200 Note Declaration, SAN Warns Buhari

President Muhammadu Buhari’s attempt to douse the tension caused by the naira swap policy has continued to elicit reactions across the country latest coming from the foremost Senior Advocate of Nigeria, Ebun-Olu Adegboruwa, SAN who has faulted the president’s speech describing it as contempt of court.

The President this morning during a nationwide broadcast, announced that for the next 60 days from February 10, 2023, till April 10, 2023, only the old N200 banknote will remain in circulation while the old N500 and N1,000 notes will seize to be legal tender and will only be received at designated branches of the Central Bank of Nigeria.

The senior lawyer described the President’s speech as going against the Supreme court's ruling which had earlier asked the CBN to shelve its earlier announced deadline date until the courts rule on the matter.

Recall a panel of the Supreme Court led by Justice John Okoro, granted an interim injunction stopping the FG, CBN, commercial banks, etc, from implementing the February 10 deadline for the old N200, N500, and N1000 Naira notes to stop being legal tender.

The Supreme Court during its sitting on Wednesday, 15, 2023 to hear the case instituted by 12 state governors adjourned the hearing to February 22, 2023, while also declaring that its earlier announcement asking the CBN to hold on with its planned deadline subsists.

Adegboruwa described President Buhari's speech which had come just the next day, Thursday, February 16, 2023, as flouting the principle of the separation of powers and also going against the powers of the Supreme court.