JUST IN: Old Naira Notes Remain Legal Tender Till December 31- Supreme Court Declares.
In what comes as a shock, the Supreme Court, on Friday, nullified the ban on use of the old N200, N500 and N1000 banknotes as legal tenders.
It is to be recalled that a seven- member panel of the Supreme Court had on 22 February heard the case and adjourned till Friday for judgement.
Members of the panel led by John Okoro arrived at the courtroom at 9 a. m. Friday.
The controversial monetary policy being challenged at the Supreme Court had last year introduced newly redesigned 200, N500, and N1, 000 notes with tight deadline to mop up the old notes from circulation.
The policy has led to scarcity of currency notes, bringing untold hardship to millions of citizens in an economy significantly driven by the informal sector with a large proportion of unbanked persons.
Making its decision, 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.
According to the supreme court, the old Naira notes should be used alongside the redesigned currencies.
It also faulted President Muhammadu Buhari for introducing the demonization policy, without due consultation with the Council of States, the Federal Executive Council, the Civil Society and other relevant stakeholders
In the lead judgement that was 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.
The Supreme Court also said Buhari’s decision to redesign the 200, N500 and N1,000 banknotes without consulting the 36 states of the federation is wrong.
The Apex court held that though President Buhari could exercise Executive Powers on behalf of the federation, he ought to have given reasonable notice to the federating hnits before executing the new monetary policy through the Central Bank of Nigeria, CBN.
It heald that reasonable notice was not given to the States as requested under section 20(3) of the CBN Act, before the old Naira notes were withdrawn.
Consequently, the Supreme Court in it’s lead judgement. that was delivered by Justice Emmanuel Again held that the approval that President Buhari gave the CBN to withdraw the old banknotes was invalid.
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JUST IN: Old Naira Notes Remain Legal Tender Till December 31- Supreme Court Declares.
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