Lagos State Attorney-General and Commissioner for Justice, Mr Moyosore Onigbanjo has said that the rejection of the old Naira notes is contrary to the Supreme Court’s stand.
As guest on TVC Business Show aired on Thursday, Onigbanjo, who is a Senior Advocate of Nigeria, said that petrol stations, banks and others who reject the old notes could be prosecuted.
He decried the lingering Naira scarcity in the land and the high charges by Point-of-Sales (PoS) operators which have fostered untold hardship on Nigerians.
Onigbanjo noted that people who are hungry and have their means of livelihood eroded cannot care about any macro-economic policy or its short or long-term gain.
He said: “There is a contract between a customer and a bank that says when you bring your money to us you can have it back on demand. Any bank that refuses to give the money on demand has violated the terms and conditions of that contract and can be sued. I will advise Lagosians who have experienced suffering and injury as a result of the situation to press charges”.
In the commissioner’s view, it is ridiculous that Nigerians are buying their own money. “Even the producers of goods and services are losing money due to the scarcity of new notes to purchase their products easily”, he said.
On his legal perspective on the recent Supreme Court ruling, the AG noted that, although President Muhammadu Buhari has enormous powers, he cannot repeal the order of the Supreme Court or any other court in the country.
President Buhari announced on Thursday morning that the Central Bank of Nigeria would allow commercial banks to circulate the old N200 notes until 10 April.
This is contrary to the Supreme Court’s position that the old and new notes should co-exist until the substantive matter, which was adjourned for hearing on 22 February, is heard.
