‘No Bank Rejects N1000, N500 Notes’ — AGF Malami Says Buhari Didn’t Breach Supreme Court Order On Naira Redesign

The Attorney-General of the Federation and Minister of Justice, Abubakar Malami, has said that President Buhari is not in breach of the Supreme Court’s injunction with regards to the naira redesign issue.

Malami made this known during the 67th ministerial press briefing at the state house, adding that as regards the rule of law, there are many options available.

“Where an order is made by a court, you have multiple options but let me state before even addressing the issue of the options available at our disposal as a government.


“The fact, clearly, is that we are not in breach of any order made by the court, inclusive of any order associated with the naira redesign. We are not in breach.

“I believe I’m not a banker but you have not gone to establish which bank is it that you have gone to present N1000 or N500 notes that have been rejected. So, we are not in breach.

“But then, assuming we are in breach, the fact remains that this matter is sub-judice as you rightly know. It’s being contested before the supreme court and when an order is made, you have multiple options within the context of the rule of law.

“One, you are entitled as a matter of right, if the facts and evidence support your position, to apply for setting it aside. The position of the law and legal jurisprudence is clear. Once you are attacking and you seek for setting aside of an existing order of the court, you cannot be said to be operating in breach when you have presented your application for setting aside.

“If the court is not an apex court, you equally have a right of appeal and support the right of appeal with an application of stay of execution order,” he said.

He added that the FG is doing its best to ensure that its rights are being protected in regards to the naira redesign issue.

“We are doing the needful as a government, in terms of ensuring that the right of the government, within the context of the naira redesign, is being protected. So we are not in breach,” he added.

Earlier this month, on February 8, the Supreme Court issued an injunction barring the Central Bank of Nigeria from acting on the deadline issued to stop the use of the old N200, N500, and N1000 notes.

The injunction came after an ex parte application brought before the court by three northern states – Kaduna, Kogi, and Zamfara states.

Despite the order, however, President Muhammadu Buhari on February 16, while speaking during a nationwide broadcast, instructed the CBN to begin recirculating the old N200 notes and declared that the old N500 and N1000 notes were no longer legal tender.

13 other states have since joined the lawsuit against the Federal Government and the Supreme Court has fixed March 3 as the date to deliver judgment on the lawsuit.


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