Old N200, N500, and N1,000 notes are to stay in circulation until December 31, 2023, the Supreme Court ruled on Friday, March 03, 2023. The Federal Government’s strategy of redesigning the naira was also overturned by the Supreme Court, which ruled that it violated the Constitution of 1999.
Justice Emmanuel Agim, who read the lead judgement, declared that the defendants’ preliminary objections are overruled because the court has the authority to hear the case.
The court found that the conflict between the Federal Government and states must concern law or facts, citing Section 23(2)1 of the constitution.
The apex court additionally ruled that President Muhammadu Buhari violated the Constitution of the Federation by giving the Central Bank of Nigeria (CBN) instructions to redesign the Naira, citing Buhari’s speech in which he acknowledged the policy’s flaws and several difficulties.
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The policy, according to the court, has prompted some individuals to engage in bartering in the contemporary day in an effort to live. The court further stated that the President’s defiance of the decree from February 8 is evidence of tyranny.
Judge Agim additionally ruled that the President improperly directed the CBN to issue new currency without consulting the National Council of States, the Federal Executive Council (FEC), or the National Economic Council (NEC).
He said that President Buhari’s use of his powers in an unlawful manner to redesign the naira violated the inhabitants of Nigeria’s basic rights in a number of different ways.
According to the supreme court, President Buhari’s use of his authority is not appropriate in a democracy and in a society like Nigeria.
By depriving the citizens of ownership of and access to their money, the court found that the President’s illegal exercise of his powers caused them unheard-of economic hardship.
