Malami Says Buhari Has Not Breached Court Order On Naira Swap
Justice Minister, Abubakar Malami says president Muhammadu Buhari has not breached the order of the Supreme Court on the naira swap which extended the deadline for the withdrawal of N200, N500 and N1,000 notes.
Malami stated this at a ministerial briefing at the State House, Abuja.
He explained that the order of the apex court could be subjected to multiple interpretation.
The Supreme Court on February 8, 2023 had issued an injunction restraining the Central Bank of Nigeria (CBN) from giving effect to the deadline on the use of the old N200, N500, and N1000 notes.
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The apex court issued the order in an ex parte application filed by Kaduna, Kogi, and Zamfara States.
Later, President Buhari on February 16, 2023 in a nationwide broadcast, directed the CBN to re-circulate the old N200 note, while declaring that the old N500 and N1,000 notes were no longer legal tender.
The apex court had adjourned its ruling on the suit filed by about ten state governments to March 22, 2023. More governors had joined those dissatisfied with the decision of the Federal Government to phase out N500 and N1000 notes.