The Supreme Court of Nigeria has extended the use of old Naira notes to December 31 2023.
The Apex court ordered that the old Naira notes must remain in circulation and the Central Bank of Nigeria CBN to allow both the old Naira notes and the new notes to circulate side by side till the end of the year.
Justice Emmanuel Agim while leading the seven man panel of justices of the court held that the President exhibited disobedience to court with his broadcast of February 16 in which he allowed only N200 notes alone.
The Apex court voided and set aside all directives issued by President Muhammadu Buhari in respect of the Naira re-designing on grounds of illegalities and abuse of executive powers.
The Apex Court held that the President acted Ulta vires by failing 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.
Justice Agim 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 Apex Court said such use of powers by President Buhari is not permitted under democracy and in a plural society like Nigerian.
Sixteen states governments led by Kaduna, Kogi and Zamfara had prayed the Apex Court to void and set aside the policy on the ground that it is inflicting hardships on innocent Nigerians
Others who are consolidated in the suits are Sokoto, Ondo, Lagos, Katsina, Cross River, Ogun, Rivers, Jigawa, Nasarawa, Abia and Ekiti, Kano and Niger states.
They challenged the Nigerian government Buhari of trespassing the functions of the Central Bank of Nigeria, CBN in the introduction and implementation of the policy and asked that the directive issued by Buhari be voided.
The Nigerian Government had challenged the jurisdiction of the Apex Court on the grounds that the CBN was not joined as a party and that the dispute on the policy ought to be directed at the CBN so that the suit can be referred to the Federal High Court.
The defendants are Attorney General of the Federation, Bayelsa and Edo states.
About 50 Senior Advocates of Nigeria SANS representing various parties were in court for the judgment.
Counsel to the Plaintiffs Attorney General Lagos state Moyosore Onigbanjo described the judgment as the will of Nigerians.
Also, counsel to the Nigerian government Mr Kanu Agabi SAN said the Supreme Court judgment will obeyed.
Governor Nasiru El-Rifai of Kaduna state, Yahaya Bello of Kogi and Zamfara State Governor who spoke in an interview expressed satisfaction with judgement as it will reduce the hardship of Nigerians.
