…Berates Buhari for disobeying its order, says directive affront to 1999 Constitution
…Dismisses objections by AGF Malami, AGs of Bayelsa, Edo states
The Supreme Court has ordered that the old N1000, N200 and N500 notes should remain legal tender until December 31, 2023.
In its landmark judgment delivered on Friday in the suit filed by Kaduna, Kogi, Zamfara and others state governments against Federal Government’s naira swap poly, the apex court held that the old naira notes should co-exist with the new notes.
Supreme Court also faulted the directive issued by President Muhammadu Buhari to the Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, to limit access to cash and held that the directive was a violation of the right of the owners of such funds to their property.
The apex court thereafter proceeded to set aside the cash limit directive given to the banks by the CBN.
The seven-member panel of the Supreme Court also expressed displeasure over Buhari’s refusal to obey its interim order on the naira notes.
In the lead judgement delivered by Justice Emmanuel Agim, the apex court accused President Buhari of disobeying its interim order that halted the full implementation of the new monetary policy and allow the old notes to co-exist with the new ones.
The apex court added the President’s conduct was a disrespect of the 1999 Constitution (as amended) and the nation’s democracy and a drift towards authoritarianism.
Assuming jurisdiction, the apex court held that the suit by the states was properly filed and dismissed all the objections raised by the Attorney General of the Federation (AGF) and Minister of Justice, Mr Abubakar Malami (SAN) and the Attorneys-General of Bayelsa and Edo states.
