Why new naira notes may be illegal - Falana

Activist-lawyer Femi Falana (SAN) has urged President Muhammadu Buhari to send a Supplementary Bill to the National Assembly to authorise the withdrawal of public fund from any account of the federation for the printing of the new naira notes.

He said unless this is done, the printing of the new naira notes – without appropriation by the National Assembly – may be declared illegal and unconstitutional, if it is challenged in a court of competent jurisdiction.

In a statement yesterday in Lagos, Falana, who is also the Chairman of Alliance on Surviving COVID-19 and Beyond (ASCAB), argued that a presidential endorsement is not sufficient to legitimise the redesigning of the naira notes.

He said this is because the fund for the printing of the new naira notes was not captured in the 2022 Appropriation Bill.

On October 26, 2022, Central Bank of Nigeria (CBN) Governor Godwin Emefiele announced that the apex bank would issue the redesigned N200, N500, and N1,000 notes, effective December 15, 2022.