The Supreme Court of Nigeria, has ordered that the old naira notes be allowed to remain in circulation until December 31st, 2023.
The court nullified the FG’s cashless and Naira re-design policy, declaring it as an affront to the 1999 Constitution.
Justice Emmanuel Akomaye 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.
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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.
Meanwhile, the governors of Kaduna state and Kogi state, Nasir El–Rufai and Yahaya Bello respectively who were present for the ruling lauded the supreme court’s stance.
Recall the policy had been touted as a means to curb vote buying and ensure a free and fair electoral process.
The 2023 presidential elections were however marred with claims of irregularities and manipulation.
It is unclear if President Muhammadu Buhari will abide by the judgement as he’d previously ignored the ruling to maintain status quo.