The Supreme Court had last week ordered the CBN to stay action on its deadline for the swapping of old naira notes with the new naira notes.
But the apex bank on Tuesday issued a statement, saying the February 10 deadline stands, as banks had stopped collecting old naira notes from customers.
The rights activist, who spoke Channels TV’s The 2023 Verdict on Tuesday, was dismayed that the CBN did not obey the order of the Supreme Court.
He said in a country where the rule of law operates, once the Supreme Court had determined a matter or given an order, it was expected that all and sundry would comply with the order.
According to Falana, a statement was credited to the central bank that since it was not a party to the case, it was not going to comply with the order.
“I thought that could only happen in a banana republic,” he said.
Falana stated that he expected the central bank to have issued a statement following the order of the Supreme Court, saying that all actions are stale until the 15th of February.
“For me, an example has to be made this time around, so that nobody will feel that he’s above the law in our country,” he said.