Supreme Court invalidates federal government cash redesign policy

The Supreme Court of Nigeria has invalidated the Naira rdesign policy of the Federal Government and directed that the old 200, 500 and 1000 nara notes should remain legal tender until the 31stf December2023.

The Court in a judgment read by Justice Emmanuel Agim said the Policy by the Federal Government is an exercise of the Powers vested on him by the constitution.

He added that the President has no right whatsoever to introduce the Policy without Consultatio with the relevant stakeholders.

According to the Court “The government of Nigeria is an agent of Nigeria.

The act of the president is the act of the federation
The policy should have been made after due consultation with the constituent of the state here represented by the National Council of states

The non-joiner of the CBN does not rob the court of the jurisdiction, the action is by the federal government not the CBN

The CBN was carrying out the directive of the president

The CBN has no power to introduce new naira notes or withdraw old notes without the authorization of the president
The CBN need not be joined in the suit as its principal the federal government is the first defendant.

The suit is not an action between banks so , it not a suit brought under section 25(1b) of the constitution.
Section 23(2)1 of the constitution the dispute between the federation and state and between states must involve law or facts.

The implementation of the directive by the CBN has deprived the plaintiff’s access to their funds, the president’s broadcast of 15th February acknowledges this.

This has affected the governance of these states.
All the preliminary objections by the defendants( AGF, Bayelsa and Edo state) are dismissed as the court has the jurisdiction to entertain the suit.
There is nothing to show any formal notice to the constituent on the introduction of new naira notes and withdrawal of old ones, it was merely on press remarks”.

“The president in his broadcast admitted that the policy is flawed with a lot of challenges.

“This has led to some people engaging in trade by barter in this modern age

Lead judgment prepared and read by justice Emmanuel Agim.

Going Further the Court said “Successful currency redesign is achieved with the participation of the public and not handed down”.

The president’s broadcast demonstrates his disobedience of this court, the president ought not to be heard in this court.
The demonetisation broadcast by the president is not consistent with the provision of the constitution

The president can not unilaterally give directives without consultation from the Cabinet

The directive of the president limiting the number of withdrawals is not binding”.

The president’s disobedience to orders of the court is a sign of dictatorship

WIKE COMMENDS SUPREME COURT ON NAIRA REDESIGN RULING

Rivers State Governor, Nyesom Ezenwo Wike, has commended the Supreme Court over its ruling on the Naira Redesign Policy of the Federal Government being implemented by the Central Bank of Nigeria.

Mr Wike who was speaking after the commissioning of some projects in Ibadan the the Oyo State Capital by the State Government thanked the Supreme Court for averting hardship which the ill thought out policy has brought on Nigerians.

He described the judgment as victory for the nations’ Democracy with States, individuals and Corporate bodies now settling disputes or disagreement through the law Courts.

He also commended the State governors for taking up the gauntlet to challenge a Policy that has brought untold hardship to Nigerians over the last few weeks.

He urged the all parties to the dispute to follow the dictates of the law at al times while also thanking Nigerians for the patience shown during the course of the hardship.