From Victor Osula, Abuja
The Supreme Court on Friday voided the directive of the Federal Government banning the circulation of the old Naira notes and directed that the old N200, N500 and N1000 continue as legal tender until Dec. 31, 2023.
Justice Emmanuel Agim, who read the lead judgment said there was substantial non-compliance with Section 23(2)1 of the constitution and stated that the court has jurisdiction to hear the suit.
On that basis he dismissed the preliminary objections by the Attorney-General of the Federation, Bayelsa and Edo are dismissed.
He said, among others; “Our rule of law becomes illusory if a President refuses to obey the court.
“The position of the president as Agent of the federation imposed a duty of consultation on him. Not to do so makes him a dictator.
“I hold that no reasonable notice was given by the CBN under section 20 of the CBN Act. The directive is invalid, and I hereby declare it so.
“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 in accordance with democratic dictates, not after a side talk with their central bank chiefs.
The Justices maintained that the federal government’s economic Policy of Cashless and Naira Re-designing as an affront to the 1999 Constitution.
According to Justice Agim, 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).
He held that the President acted ulta 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.
He held that the unconstitutional use of powers by Buhari on Naira Re-designing has breached the fundamental rights of the Nigerian citizens in various ways.
He maintained 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.
It would be recalled that Kaduna, Kogi, Zamfara had filed the suit but Rivers, Kano, Niger, Jigawa, Nasarawa, Ondo, Ekiti, Katsina, Ogun, Cross River, Lagos, and Sokoto states were among the first batch to be joined as co-plaintiffs, while Edo and Bayelsa states joined the attorney-general of the federation (AGF) as defendants.
