Naira Redesign Approval Doesn’t Pass Through Normal Process – Falana

Human rights lawyer, Femi Falana, on Sunday faulted the recent endorsement of the naira redesign by President Muhammadu Buhari, saying it does not translate to the legitimising of the policy.

But Falana, in a statement, said the President is expected to present a money bill to the National Assembly for approval.

“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,” the statement read.

“Specifically, section 59 of the Constitution requires “an appropriation bill or supplementary bill including any other bill for the payment, issue or withdrawal from the Consolidated Revenue Fund or any other public fund of the Federation of any money charged thereon or any alteration in the amount of such payment, issue or withdrawal…”

Recall that On October 26, the Central Bank of Nigeria said it will redesign the N200, N500, and N1,000 notes in order to take control of the currency in circulation.

Though the Minister of Finance, Zainab Ahmed, said she wasn’t consulted by the apex bank on the initiative, President Buhari backed the CBN Governor, Godwin Emefiele, saying he is fully in support of the policy.