03/03/23
Shina J.O
Supreme Court, in unanimous decision, as agreed by all Justices, rules that old naira,200,500 and 1000 Naira notes shall co-exist with new Naira Notes, and old notes shall continue to be legal tender until 31st dec 2023
A Total of 16 States have been appealing that the court allows the use of the old notes.
Some States had specifically challenged the pronouncement of President Buhari, allowing only N200 notes circulate, banning N500 and N1000 notes without the consent of the federal executive council and National economic council of state and other relevant bodies.
With this new Directive, it’s hoped that Nigerians will now have relief from the hardship they have been through over the past one month due to inability to access cash.
Many POS Operators had taken advantage of the development, charging exorbitantly for withdrawals.
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JURISDICTION:
On wether the Supreme court has Jurisdiction to hear the suit ;
The court held that it has the jurisdiction to entertain the matter on grounds that it’s a matter between the federation and the state according to section 232(1) 1999 Constitution.
The act of the president is the act of the federation as the president is not a sovereign being, having been elected by the constitution.
The Order given by President buhari was without reasonable notice to the general public and the consultation of the Federal Executive Council and the National Economic council and other relevant bodies involved.
The CBN can not make such orders without the orders of the President as whatever it says emanates from the president.
And since the Suit isn’t between banks but rather between the federation and states, the Suit is not within the exclusive jurisdiction of the Federal High court.
This means the Apex court has every jurisdiction to hear the matter.
ON THE SUBSTANTIVE MATTER;
The Apex court held that the order made by the CBN should have been made after due consideration by the federal Executive Council and other relevant bodies.
The court held that the defendant dwelled on the notice given by a press statement issued by the CBN governor on October 26, 2022 which cannot be held as a valid notice given prior to the change of the Naira Notes.
The Court also held that the directive of the president is Invalid as prior notice should have been started when the new notes were made available as the three months notice cannot start when the currency was not in circulation.
The court also held that to change the Naira notes should have been through proper dialogue by relevant bodies and prior notice to the population and then the old notes are allowed to co-exist with the new ones for a period of one year.
The Apex court held that the presidents disobedience of the February 8 ruling is an act of dictatorship and line with autocracy.
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