The Supreme Court of the Federal Republic of Nigeria has extended the validity of old Naira notes till December 31, 2023, saying that the new Naira policy is an affront to the 1999 Constitution.
In a ruling, the Supreme court holds that the Federal Government erred in the implementation of the redesigning policy of the Naira note saying, “I hold that no reasonable notice was given by the CBN under section 20 of the CBN Act.”
The Court described the outgoing administration headed by President Muhammadu Buhari as dictatorial for unilaterally deciding without carrying relevant and statutory bodies and individuals along.
Delivering the judgement, Justice Emmanuel Akomaye Agim said, “I am not aware of any law which empowers a bank to withhold a customer’s money and refused to give him/her. The directive on withdrawal limit is an infringement of people’s rights.
“In other countries, decisions to change currencies follow due process and by democratic dictates, not after a side talk with their central bank chiefs.
“Our rule of law becomes illusory if a President refuses to obey the court.
“The Defendants (FG) ought not to be heard when it has refused to obey the orders of this Honourable Court. The disobedience of the orders of the Court is a sign of the failure of rule of law. This suit has merits.”
