BREAKING: old banknotes should remain valid legal tenders – Supreme Court

The Supreme Court of Nigeria has nullified the Federal Government’s cashless and Naira re-design policy, declaring it as an affront to the 1999 Constitution.Information Guide Nigeria

According to DAILY POST,  the apex court said that President Muhammadu Buhari breached the Constitution of the Federation in the ways and manners he consented to the Naira re-design policy by the Central Bank of Nigeria, CBN.

The apex court, in a unanimous decision by a seven-member panel of Justices, held that the old banknotes should remain valid legal tenders until December 31.

It held that the old Naira notes should be used alongside the redesigned currencies.

The judgement was read today by Justice Emmanuel Akomaye Agim.

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Agim held that the President acted Ultra vires by his glaring failure to consult with the National Economic Council (NEC), National Council of States, and Federal Executive Council (FEC) before directing the Central Bank of Nigeria to unlawfully introduce new Naira notes.NYSC Portal

DAILY POST reports that the court held that President Buhari on Naira Re-designing breached the fundamental rights of the Nigerian citizens in various ways.

Such use of powers by President Buhari is not permitted under democracy and in a plural society like the Nigerian nation, the Apex Court said.

The Supreme Court also held that unlawful use of executive powers by the President inflicted unprecedented economic hardship on Nigerians.JAMB Result

It added that the policy denied them ownership of their monies and access to their money.

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