The Supreme Court recall CBN policy on new Naira notes.
The Apex bank gives their judgment after them adjourned the case challenges the Federal Government implementation of the Naira swap policy while some states government bring before it.
The judgment lead by Justice Emmanuel Agim, The Supreme Court rule that old naira notes N1000, N500 and N200 will be valid till December 31st, 2023.
The court also say ” the cash limits couldn’t be justified and the disobedience of court order by the president will be a sign of failure of our Democracy”.
The Apex bank says when though president Mohammadu Buhari mades executive power against the Constitution for not consult the Federal executive council, the National Economics Council (NEC) before passing out the order.
Justice Emmanuel Agim added that the president of national broadcast admits the implementation of policy cause hardship to Nigerians.
Even the president didn’t gives notice of naira redesign through formal means like National Broadcast but ‘bound’ press release from CBN that is not the formal way government suppose inform the citizens the new policy.
For the matter of cash withdrawal, court say “the president directive silent on ability to print new for its broadcast, although the cash withdrawal limit is not justified”.
For the last hearing that hold on 22 February, all the plaintiff of naira redesign policy matters that seek court to dismiss all the preliminary objections for their originating summons.
They also beg the court to deny the defendants because they disobey court order.
It was Kogi, Zamfara and Kaduna state government was first set that approach Apex court to raise suits against the Federal Government for them over-turn the Central Bank of Nigeria (CBN) for withdrawal of 1000, 500 and 200 Nairanotes from circulation.
For the hearing on Wednesday, six other states including Lagos, Osun, Katsina, Ekiti, Cross Rivers and Ondo join hands for plaintiff, while Edo and Bayelsa join in support of the government and CBN as respondents.
Base on the argument they take for last hearing, counsel for the Federal Government, Kanu Agabi has said the Apex court has no jurisdiction to hear the suit as-the action couldn’t start from originating summons.