The lawyers believe that the introduction of the new legal tender will have an adverse effect on the economy.

The Nigerian Bar Association (NBA) has threatened to take the Central Bank of Nigeria and its governor, Sanusi Lamido Sanusi to court over the planned introduction of a 5000 naira note. The NBA wants the decision is rescinded.

Describing the proposal as a ?shallow, poorly thought-out,? the NBA warned that the new policy had the potential of devaluing the naira as well as diminishing the lives of Nigerians. The NBA said it would ?further push corruption and money laundering to a new unimaginable heights?.

The NBA wondered why the CBN governor could contemplate the policy of ?redenomination?, without seeking legislative approval from the National Assembly, which it considered as representing the aggregate wishes of majority of Nigerians. It commended the Senate for ordering a stay of action on the policy, pending detailed briefing on the
expected benefits of the new policy regime.

The body believes that ?if the CBN persists in its reckless plan to negatively alter the face of the Nigerian economy, it will go to court to seek redress.? In rejecting the argument of CBN that the new measure would not cause inflation in the economy, NBA noted that the peculiar economic realities in Nigeria were different from what it described as the ?Western Business Models? that the apex financial institution is familiar with.

It observed, therefore that, ?Such a measure that will affect the lives of Nigerians in many ways is not a mere fiscal measure that the CBN can claim exclusive jurisdiction over? adding that, ?it is a legislative matter, with ramifications on the lives of all Nigerians that is within the sole legislative province of the National Assembly??

Warning that the CBN is not the fourth arm of government but an executive body, it advised Sanusi to ?submit the measure for legislative approval which the National Assembly is expected to consider in line with the wishes of majority of Nigerians.?

In the meantime, the bar association has warned the federal government on the violations of the rights of the people of Bakassi by the Cameroonian authorities saying, it has the ?potential of spiraling into major insurrection? unless urgent steps were taken to redress the injustice occasioned by the October 10, 2002 judgement of the International Court of Justice (ICJ), which ceded Bakassi to Cameroon.

The body of lawyers, accordingly, urged the federal government to, as a matter of urgent national importance, seek a revision of the vexed judgement that has since rendered the people of Bakassi in Cross River State, ?homeless? and ?stateless?.

In a communique at the end of its 52nd Annual conference, the NBA called on President Goodluck Jonathan to, ?without further delay, apply under Article 61 of the ICJ statute of 1946, to the ICJ for a revision of what is an unjust judgement over Bakassi.?

This warning, the NBA stated, is consequent upon Article 61 (5) of the ICJ law, which provides among others that, ?No application for revision may be made after the lapse of ten years from the date of the judgement.?

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