Falana criticizes CBN for “failing to obey Supreme Court order” in Naira Crunch.

The Supreme Court issued an interim injunction on February 8 that prevented the CBN from implementing the decision.

Femi Falana, a senior Nigerian lawyer, has charged that the Central Bank of Nigeria (CBN) disregarded the Supreme Court’s temporary injunction suspending the use of the old banknotes’ deadline of February 10.

Nigerians flocked to various banks to deposit their old currencies after the redesign of the N200, N500, and N1,000 banknotes in November 2022. The first deadline was January 31, but the apex bank later extended it to February 10.

However, the CBN was prevented from implementing the change by an interim injunction issued by the Supreme Court on February 8.

Falana, who appeared live on Tuesday’s episode of The 2023 Verdict on Channels Television, claimed that the administration was not prepared to abide by the directive.

In a nation where the rule of law is upheld, he continued, “it is expected that all and everyone, everyone, will comply with the order once the Supreme Court has settled a matter or given it.”

“[A] statement was imputed to the Central Bank saying it would not follow the order because it was not a party to the lawsuit. That was something I assumed could only occur in a banana republic.

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After the Supreme Court’s ruling, “all proceedings remain stale until the 15th of February,” I had anticipated the Central Bank to release a statement to that effect.

He claims that individuals wilfully disobeying court orders and undermining the rule of law in Nigeria will face the full force of the law.

This time, he continued, “an example has to be set, in my opinion, to ensure that no one feels above the law in our nation.”