A constitutional Lawyer, Kayode Ajulo, says any attempt by the Central Bank of Nigeria to disobey the Supreme Court judgment on the legality of the old N200, N500 and N1,000 will amount to a treasonable felony.
Mr Ajulo stated this on Thursday against the backdrop of the Supreme Court judgment, which legalised the use of the old naira notes until December 31.
“The judgment is a constitutional matter. The apex court is one of the three arms of government which is saddled with the responsibility of interpreting the law. The case on the old naira notes has been interpreted accordingly by the court, and any violation will amount to a treasonable felony,” he said.
The lawyer noted that the court’s position remained that of the constitution, adding that disobeying such a position could threaten the nation’s constitution.
Mr Ajulo, however, said CBN would have no option but to obey the judgment and that every Nigerian deserved to be paid compensation due to the hardship they are facing.
He described the action of the CBN as unconstitutional, adding that the decision passed the characteristic of good judgment.
The Supreme Court, on March 3, nullified the ban on the use of the old N200, N500 and N1000 banknotes as legal tenders.
In a unanimous decision by a seven-member panel of justices, the apex court held that the old banknotes should remain valid legal tenders until December 31, declaring that the old banknotes should be in circulation alongside the redesigned currencies.