By Vivian Okejeme, Abuja
The Supreme Court has declared that the old and the new Naira notes of 200, 500 and 1000 remain in circulation as a legal tender till 31 December, 2023.
The Apex Court held that President Muhammadu Buhari breached the Constitution of the Federation in the ways he issued directives for the re-designing of the Naira by the Central Bank of Nigeria CBN.
The seven-man panel of the court led by Justice Emmanuel Agim, held that the decision of the president on the new monetary policy should have been made after consultation with all the stakeholders and not the decision being handed down after personal engagement with the Central Bank of Nigeria (CBN)
“The President acted Ultra vires by the 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.
“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 action of the government to declare the old notes non legal tender without making the new notes available is invalid.
“The acts of the president are the acts of the Federation. The Federation is inherently the sovereign state. Sovereignty belongs to the people of Nigeria.
On the argument that the CBN was not a party to the suit,
The court held that the argument is invalid on the basis that the introduction of the new naira policy is the action of the federal government who is a defendant in the suit.
According to the supreme court, the CBN is an agency of the government which only acts on the dictates of the Presidency.
Therefore, it maintained that CBN is an unnecessary party to the suit, adding that the suit can be heard and determined without the joining of CBN as a party.
Also, Justice Agim held that the court has the jurisdiction to hear and determine the suit, therefore, dismissed all the preliminary objections for lacking in merit.
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