Currency Swap Crisis: Falana gives reason why CBN must obey ex parte order of Supreme Court

Currency Swap Crisis: Falana gives reason why CBN must obey ex parte order of Supreme Court

Human rights activist and lawyer, Mr. Femi Falana SAN has revealed why the Central Bank of Nigeria (CBN) must comply with the Supreme Court order in respect of the currency swap crisis.

The interim Chairman of the Alliance on Surviving Covid-19 and Beyond (ASCAB), in his latest communique on Thursday, noted that it was imperative to speak up because reports are suggesting that the CBN has decided that it will not follow the injunctions of the apex court.

The Senior Advocate added that such a move by the CBN will be nothing but a contemptuous disregard for the rule of law.

Falana took a look at the technicalities of the case establishing the reason why the Management of the Central Bank might be looking to ignore the court order, the legal luminary however, gave his counter reasons why the CBN cannot disregard the Supreme Court, citing cases that give greater context to the matter on the ground.

Read the full statement by Mr. Falana regarding “Why CBN Must Obey Ex Parte Order Of Supreme Court”.

We have just read a report that the Authorities of the Central Bank of Nigeria have decided not to comply with the ex parte order issued by the Supreme Court of Nigeria in respect of the avoidable currency swap crisis.

Similarly, in the case of Incorporated Trustees of the Forum for Accountability and Good Leadership v. Attorney-General of the Federation & Ors. (Suit No: FCT/HC/GAR/CV/41/2022) the High Court of the Federal Capital Territory granted an injunction restraining the State Security Services from arresting, investigating, and prosecuting Mr. Emefiele for terrorism financing. Although he was not a party to the suit Mr. Emefiele has not been arrested by the State Security Services based on the court order.

Therefore, it is the height of arrogance of power for Mr. Emefiele to treat the ex-parte of the Supreme Court with provocative contempt. Given the looming anarchy in the country, we are compelled to draw the attention of the Central Bank Management of the rule of law to the case of Attorney-General of Lagos State v. Attorney-General of the Federation (2005) 2 WRN 1 at 109 where Tobi JSC of blessed memory cautioned all authorities and persons in Nigeria thus:

“In a society where the rule of law prevails, self-help is not available to the executive or any arm of government. Because such conduct could breed anarchy and totalitarianism, and since anarchy and totalitarianism are antitheses to democracy, courts operating the rule of law, the lifeblood of democracy, is under a constitutional duty to stand against such action.

“The courts are available to accommodate all sorts of grievances that are justiciable in law and section 6 of the Constitution gives the courts power to adjudicate on matters between two or more competing parties. In our democracy, all the governments of this country, as well as organizations and individuals must kowtow to the due process of the law, and this they can vindicate by resorting to the courts for redress in the event of any grievance.”

It is public knowledge that the Federal Government has filed a preliminary objection challenging the jurisdiction of the Supreme Court to hear and determine the case of the Attorney-General of Kaduna State & 2 Ors v Attorney-General of the Federation (supra).

In the interim, the Federal Government of Nigeria and its agencies including the Central Bank of Nigeria are bound by the valid and subsisting ex parte order of the Supreme Court of Nigeria until it is set aside by the same court.

The alternative is to compound the ongoing anarchy and chaos in the land.

Femi Falana SAN,
Interim Chairman,
Alliance for Surviving Covid 19 and Beyond (ASCAB)