Just in: Supreme Court extends old naira notes validity

The Cashless policy and Naira re-design policy, has been nullified and declared as an affront to the 1999 Constitution by the Supreme Court of Nigeria on Friday March 3, 2023 in Abuja.

Justice Emmanuel Akomaye Agim, who read the lead judgment of the Court said the Federal Government breached the Constitution in issuing directives for the re-designing of the Naira by the Central Bank of Nigeria (CBN).

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The court further faulted the President for failing to consult 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 said 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.

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“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 .

In doing so, the apex court extended use of old naira notes till December 31, 2023.