Human rights lawyer Femi Falana on Sunday criticized President Muhammadu Buhari's recent endorsement of the naira redesign saying the policy could be declared illegal in court. The Central Bank of Nigeria (CBN) said on October 26 it would redesign the N200. N500 and N1,000 notes to take control of the currency in circulation. Although Finance, Budget and National Planning Minister Zainab Ahmed said she had not been consulted by the Apex Bank on the initiative, Buhari supported CBN Governor Godwin Emefiele, but said in a statement that the President of the National Assembly will submit a monetary bill for approval before implementing the policy. 

The Official endorsement is not enough as the President is mandatorily required to present a cash bill to the National Assembly to withdraw the billions of naira from the public fund earmarked for printing the new ones Naira notes, was the explanation. 


Specifically, Section 59 of the Constitution requires an appropriation statute or supplemental statute, including any other bill, for the payment, issue or withdrawal of monies charged thereto from the consolidated revenue fund or any other federal public fund, or any change in the amount of such payment, Issue or Redemption 

See full statement below: 

PRESIDENTIAL ENDORSEMENT NOT SUFFICIENT TO LEGITIMIZE NAIRA REDESIGN

 On October 26, 2022, the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, announced that the CBN will issue the redesigned N200, N500 and N1,000 banknotes, effective December 15, 2022. In opposing the policy, Finance Minister Ms Zainab Ahmed claimed she was not consulted before the announcement. However, President Muhammadu Buhari confirmed that he supports the reshaping of the naira in accordance with Article 18 of the Central Bank Law. In fact, the President has since unveiled the redesigned naira notes as proposed by the Central Bank of Nigeria (CBN). Official approval is not enough, however, as the President of the National Assembly must submit a cash bill for the withdrawal of the billions of naira from public funds earmarked for printing the new naira banknotes. In particular, Section 59 of the Constitution requires an appropriation account or supplemental account, including all other accounts for the payment, issue, or withdrawal of the Consolidated Revenue Fund or other federal public treasury


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