The Supreme Court of Nigeria on Friday ruled that the 200, 500 and 1000 old Naira notes shall continue to be legal tender till December 31, 2023 describing the federal government issuance of the policy as an affront to the 1999 Constitution.

In a lead judgment by Justice Emmanuel Agim, the panel held that President Buhari breached the Constitution of the Federal Republic of Nigeria in the ways and manners he issued directives for the re-designing of the Naira by the Central Bank of Nigeria CBN.

He held that the preliminary objections by the defendants (the Attorney General of the Federation, Bayelsa and Edo states) are dismissed as the court has the jurisdiction to entertain the suit. Citing Section 23(2)1 of the constitution, the court held that the dispute between the Federal Government and states must involve law or facts.

Justice Agim said the President acted ultra vires by his glaring failure to consult with the National Council of States, Federal Executive Council and the National Economic Council before directing the Central Bank of Nigeria to unlawfully introduce new Naira notes.

He said the unconstitutional use of powers by President Buhari on Naira Re-designing has breached the fundamental rights of the Nigerian citizens in various ways. The Apex Court said such use of powers by President Buhari is not permitted under democracy and in a plural society like Nigerian. Among others, the Supreme Court held that unlawful use of executive powers by the President inflicted unprecedented economic hardship on the citizens by denying them ownership of their monies and access to the money.

The court said the policy has led to some people engaging in trade by barter in this modern age in a bid to survive. The court added that the President’s disobedience of the February 8 order, is a sign of dictatorship. The court held that President Buhari breached the Constitution of the Federation in the ways he issued directives for the re-designing of the Naira by the CBN.

The apex court ordered the Central Bank of Nigeria CBN to allow both the old naira notes and the new ones to circulate side by side till the end of the year. All directives issued by President Buhari in respect of the naira re-designing and circulation were voided and set aside on grounds of illegalities and abuse of executive powers.

The apex court took a swipe at President Buhari for disobeying its interim order of February 8 to the effect that the old naira is allowed to be in circulation. The panel held that the President exhibited and took the disobedience to the highest peak with his broadcast of February 16 in which he allowed only N200 notes alone.

Recall that three States of Northern extraction, namely, Kaduna, Kogi and Zamfara, had in a motion ex-parte filed on February 3rd, prayed the apex court to halt the Central Bank of Nigeria naira redesign policy.

Similarly, the apex court joined Bayelsa and Edo states as co-respondents in the matter.

Justice Inyang Okoro, leading a 7-man panel of Justices of the Supreme Court had ordered the plaintiff to amend the originating process to reflect the co-plaintiffs joined in the suit.

The matter was then adjourned to February 22, for hearing.

Recall that the Supreme Court in a unanimous ruling on February 6, granted an interim injunction restraining the FG, CBN, commercial banks etc from implementing the February 10, deadline for the old 200, 500 and 1000 Naira notes to stop being a legal tender.

The court further held that the FG, CBN, commercial banks etc must not continue with the deadline pending the determination of a notice on notice on in respect of the issue on February 15.