The policy implementation of the newly designed N1,000, N500 and N200 Naira notes which were unveiled on the 22nd of November 2022 and started circulating on the 15th of December 2023 has posed a lot of hardship to the citizen of Nigeria. January 31, 2023, was the deadline for all old notes to be deposited to commercial banks.
16 states of the federation had dragged the federal government to court seeking an order voiding the cashless policy of the federal government on grounds amongst others that due consultations were not made before the implementation of the policy.
These were the decisions of the Supreme Court on the Old naira notes:
-The old Naira notes will continue to be legal tender till 31st December 2023
-Justice Agim: The Supreme court has jurisdiction over matters concerning Naira Swap.
-He also stated that CBN is an agent of the President and that there is no need to join CBN as a party.
The suit falls within the original jurisdiction of the Supreme court under Section 232 of the constitution. The state has the right to be consulted by the president before directives to the CBN as a constituent of the federation.
CBN act cannot rob the court of its original jurisdiction in this suit. The preliminary objection of AGF, Edo and Bayelsa were dismissed.
The position of the president as the Agent of the federation imposed a duty of consultation on him. Not doing so makes him a dictator.
The directives given by the president, through the press release of CBN are invalid.
A country’s decision to change currencies must follow due process and according to democratic dictates; not after a side talk with the central bank chiefs.
I hold that no reasonable notice was given by CBN under section 20 of the CBN Act. The directives are invalid and I hereby declare so.
I am not aware of any law which empowers a bank to withhold a customer’s money and refuses to give it to him/her. The directive on withdrawal limit is an infringement of people’s rights.
Our rule of law becomes illusory if the president refuses to obey court orders.
