The Supreme Court of Nigeria has invalidated the new naira design policy initiated by the Federal Government on the grounds that it was not done with due consultation and in line with constitutional provisions.
Following, the apex court ordered that the old naira notes shall continue to be used side by side with the new naira notes till December 31, 2023.
The court held that the three months timeline was also not in tune with the Central Bank of Nigeria’s Act and as such unconstitutional.
The court’s seven-member panel expressed displeasure that President Muhammadu Buhari failed to obey its February 8 order for parties to allow the old notes to co-exist with the new ones.
It said the conduct was a disrespect of the Constitution and the nation”s democracy, and a drift towards authoritarianism.
The court held that the government of the federation should have held adequate consultation to avoid massive disruption of government operations and trade.
Geeky Nigeria reports that the Supreme Court is the highest court in Nigeria, it has original jurisdiction in any dispute between the Federation and a state or between states and also has original jurisdiction to hear and determine appeals from the Court of Appeal.