—Says Old Note Should Remain Legal Tender Till Dec 31, 2023
The Supreme Court of Nigeria this Friday in Abuja nullified the Federal Government’s cashless and Naira re-design policy, declaring it as an affront to the 1999 Constitution.
The Supreme Court by this judgement nullified the ban by the Central Bank of Nigeria (CBN) on the use of the old N200, N500 and N1000 banknotes as legal tenders
The Apex Court also declared that President Muhammadu Buhari breached the Constitution of the Federation in the ways and manners he issued directives for the re-designing of the Naira by the Central Bank of Nigeria, CBN.
In a lead judgment read by Justice Emmanuel Akomaye Agim, the apex Court, held that the President acted Ultra vires by his glaring failure to consult with the National Council of States, Federal Executive Council FEC and the National Economic Council NEC before directing the Central Bank of Nigeria to unlawfully introduce new Naira notes.
Justice Agim held that the unconstitutional use of powers by President Buhari on Naira Re-designing breached the fundamental rights of the Nigerian citizens in various ways.
The Apex Court said such use of powers by President Buhari is not permitted under democracy and in a plural society like the Nigerian nation.
Among others, the Supreme Court held that unlawful use of executive powers by the President inflicted unprecedented economic hardship on the citizens by denying them ownership of their monies and access to the money.
According to media reports, the apex court, in a unanimous decision by a seven-member panel of Justices, declared that the old banknotes should remain valid legal tenders until December 31.
It held that the old Naira notes should be used alongside the redesigned currencies.
