The Socio-economic Rights and Accountability Project (SERAP) has sued the federal government over its decision to ban the use of N500 and N1,000 Naira notes.
In a statement issued on Friday, SERAP said that the decision of the president is unlawful, as it violates the decision of the Supreme Court which directed the use of the old Naira notes until President Buhari had on Thursday, directed that all N500 ad N1,000 notes be deposited at the Central Bank or other designated points.
Buhari, during a nationwide broadcast, had said that the approval followed wide consultation with relevant stakeholders including the representatives of State Governors, the Council of State as well as the pronouncements of the Supreme Court.
“I have have given approval to the CBN that the old N200 bank note be released back into circulation and that should also be allowed to circulate as a legal tender with the new N200, N500 and N1,000 bank notes for 60 days from Feb. 10, 2023 to April 10, 2023 when the old N200 ceases to be legal tender.
”In line section 20 sub-section 3 of the CBN Act 2007, all the existing old N1,000 and N500 notes remain redeemable at CBN and designated points,”he said.
