The Supreme Court has ruled that the Central Bank and President Muhammadu Buhari acted illegally stoping the old naira notes from circulation.
The Supreme Court in a unanimous judgment on Friday said the circulation of the old naira notes alongside the new ones should continue until December 31.
In a , a seven-member panel of justices presided by Justice Inyang Okoro on Friday held that the directive by President Muhammadu Buhari to the Central Bank of Nigeria (CBN) for the redesigning and withdrawal of old notes of N200, N500 and N1000, without consultation with the states, the Federal Executive Council and the National Council of State, was unconstitutional.
The apex court observed that no reasonable notice was given before the implementation of the policy as provided under the CBN Act.
The lead judgment read by Justice Emmanuel Agim also dismissed the preliminary objection by the federal government challenging the jurisdiction of the apex court to hear the suits by the 16 states challenging the currency policy.
The panel held that the CBN, being an agent of the federal government, need not be joined as a party in the matter.
