Prominent Nigerian lawyer and civil right activist, Femi Falana has argued that the new naira notes of N500, N200, and N1000 might be declared illegal if challenged in a court.
The Central Bank of Nigeria (CBN) had announced its decision to redesign the above noted denominations with the aim to have control over their circulation.
Consequently, president Muhammadu Buhari endorsed the Naira redesign by CBN and pictures of the specimen of the naira notes released by the presidency alongside with the governor of the Central Bank of Nigeria, Godwin Emefiele.
However, Femi Falana argues that the redesigned naira notes which is to come into effect on December 15th, 2022, might be declared illegal if challenged in court. According to him, there is no legislative backup for the redesign. He explained that the president Muhammadu Buhari is expected to send a money bill to the National Assembly necessary for the withdrawal of the old naira notes from circulation before the new ones can be legitimate.
In his words: "the official endorsement is not sufficient as the President is mandatorily required to present a Money Bill to the National Assembly for the withdrawal of the billions of Naira from the public fund earmarked for the printing of the new naira notes".
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