The Supreme Court of Nigeria has ruled that the nation’s old banknotes remain legal tender.
The court on Friday in Abuja nullified the Federal Government’s cashless and Naira re-design policy.
It declared it as an affront to the 1999 Constitution.
The Court ruled 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 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.
It said 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.
The court however said that the old currencies could only be illegal at the end of December 2023 and not the February 10 that the Central Bank later agreed upon.
