The Supreme Court has order that the old Naira Notes of 200, 500 and 1000 shall co- exist with the new naira notes as legal tender till 31st December, 2023.
The Seven Man Panel of the court in a unanimous decision delivered by justice Emmanuel Akomaye Agim declared the directive of the Central Bank of Nigeria on the matter as a nullity. the court dismissed all the preliminary objections raised by the attorney general of the federation. The suit was filed by twelve state governments.
The Apex Court held 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.
Justice Agim, who read the lead judgment of the 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.
He 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.
Summary of the judgment of the Supreme Court on Naira redesign policy:
The Defendants ought not to be heard when it has refused to obey the orders of this Honourable Court. The disobedience of the orders of the Court is a sign of the failure of rule of law. This suit has merits.
Reliefs granted in favour of the Plaintiffs:
- The demonetisation policy is inconsistent with the CBN Act.
- A declaration that the President cannot make a unilateral policy without carrying the Plaintiffs along.
- In issuing the policy, the president is under an obligation to carry the national council of states along.
- The policy has impeded the functions of state governments.
- The directive of the president is illegal.
- Old version of the naira notes shall continue to be legal tender with the new naira notes until 31st December, 2023.
