On Friday in Abuja, the Supreme Court of Nigeria declared the Federal Government’s cashless and Naira re-design strategy unconstitutional, calling it an affront to the 1999 Constitution.
The Supreme Court ruled that President Muhammadu Buhari violated the Federation’s Constitution by issuing directions for the Central Bank of Nigeria, CBN, to redesign the Naira.
The Court’s lead judgment, read by Justice Emmanuel Akomaye Agim, held that the President acted ultra vires by failing to consult with the National Council of States, the Federal Executive Council FEC, and the National Economic Council NEC before directing the Central Bank of Nigeria to unlawfully introduce new Naira notes.
CBN Discouraging Cashless Policy With New Charges On Electronic Transactions – Nigerians Cry Out
He said that President Buhari’s unconstitutional use of power on Naira re-designing violated Nigerian citizens’ fundamental rights in a variety of ways.
According to the Supreme Court, President Buhari’s exercise of authority is not authorized under democracy or in a plural society like Nigeria.
Among other things, the Supreme Court ruled that the President’s illegal exercise of executive powers caused extraordinary economic suffering on residents by denying them ownership of and access to their money.
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