Why Naira Redesign Could be Illegal - Femi Falana

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Femi Falana, a human rights lawyer, claims that if President Muhammadu Buhari did not request the national assembly's approval for the monies utilized for the program, the redesign of the naira may be against the law.

At the state house in Abuja, Buhari unveiled the new currency notes on November 23.

On December 15, the redesigned naira notes are anticipated to go into circulation.

The plan to redesign the naira was announced by Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), on October 26. This was done to help security agencies combat illicit financial flows and to control the money supply.

In a statement released on Sunday, Falana claimed that the president's support for the CBN's naira redesign program was insufficient under the law.

He claimed that in order to get the national assembly's consent for the cash utilized for the project, the president should have presented a "money bill" to them.

Falana claimed that the cost is not included in the budget for 2022 and added that the president must follow section 59 of the 1999 constitution's requirements (as amended).

The statement reads in part, "Since the fund for the printing of the new naira notes is not captured in the 2022 appropriation bill, the president is advised to prepare and present a supplementary bill to the national assembly to authorise the withdrawal of public fund from any account of the federation for printing the new naira notes.

images 3 12 Why Naira Redesign Could be Illegal - Femi Falana
Femi Falana

“Otherwise, the printing of the new naira without appropriation by the national assembly may be declared illegal and unconstitutional if it is challenged in a court of competent jurisdiction.”

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