Supreme Court Invalidates New Naira Policy, Says Unlawful Use of Executive Power by The President

On Friday 3^rd of March, 2023 in Abuja, the Supreme Court of Nigeria invalidates the Federal Government cashless and new Naira policy.

The declaration was made in a seven-member panel justice, in a suit instituted by three States of the Federation against the Federal Government on the policy.

The apex court held that President Muhammadu Buhari breached the Constitution of the Federation in ways he issued the directives for the naira re-design by the Central Bank of Nigeria (CBN).

The lead judgement read by Justice Emmanuel Akomaye Agim, held that the president acted Over-the-top by neglecting 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 the new re-designed notes.

He stated that the unconstitutional use of power by the president on the Naira re-design breached the fundamental rights of the Nigerian citizens.

Supreme Court held that unlawful use of executive powers by the president inflicted untold economic hardship on the citizens and use of such powers is not permitted under democracy.

The seven-member panel held that the old N200, N500 and N1000 notes will remain valid legal tender till December 31^st, 2023.