The highest court of the land, the Supreme Court had on Friday declared the naira redesign policy was an affront to the 1999 Constitution of the country.
The Supreme Court through its lead judgment
read by Justice Emmanuel Akomaye Agim, said President 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).
The court in its judgment also threw a swipe at the President, noting that he acted Ultra vires by his obvious failure to
consult with the National Council of States, Federal Executive Council (FEC), and the National Economic Council (NEC) before directing the CBN to unlawfully
introduce new Naira notes.
The apex court then directed CBN to
keep the old N200, N500, and N1,000 notes in circulation till December 31,
2023.
The ruling came in the aftermath of a suit filed against the Federal Government by
some state governments.
The CBN according to Vanguard is now
waiting for legal advice as the Supreme Court ruling affects the entire Naira
redesign policy.
According to a top official who spoke with Vanguard on the development, the CBN would make its position on the matter
known but that it was awaiting legal advice, ostensibly, from the Office of the
Attorney-General of the Federation.
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