The Supreme Court has just ordered that old N200, N500 and N1,000 notes remain in circulation till December 31, 2023.
The apex court has also nullified the Federal Government’s Naira redesign policy, declaring it as an affront to the 1999 Constitution.
The lead judgment was read by Justice Emmanuel Agim.
The court also held that the preliminary objections by the defendants (the Attorney General of the Federation, Bayelsa and Edo states) are dismissed as the court has the jurisdiction to entertain the suit.
Citing Section 23(2)1 of the constitution, the court held that the dispute between the federation and states, must involve law or facts.
The apex court further held that President Muhammadu Buhari in his broadcast, admitted that the policy is flawed and has been beset with a lot of challenges.
The court said the policy has led to some people engaging in trade by barter in the modern era, in a bid to survive.
The court added that the President’s disobedience of the February 8 order, is a sign of dictatorship.
Matthew Tabe reports as follows:
A seven-member panel of the apex court held that the old N200, N500 and N1000 remain valid legal tender until 31 December 2023.
Justice Emmanuel Akomaye Agim who read the lead judgment of the Court held that the President acted ulta 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 has 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 monies.