The Supreme Court has ruled that the Federal Government’s cashless and Naira re-design policy violated the 1999 Constitution and, therefore, a nullity.
Reading the lead judgement, Justice Emmanuel Akomaye Agim faulted the manner President Muhammadu Buhari breached the constitution by directing the Central Bank of Nigeria, CBN to the re-design the naira.
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The apex court held that Buhari acted ultra vires by his glaring failure to consult with the National Council of States, Federal Executive Counci, FEC, and the National Economic Council, NEC, before directing the CBN to unlawfully introduce new naira banknotes, thereby violating the fundamental rights of the Nigerian citizens in various ways.
The Supreme Court declared as illegal the president’s use of his executive powers to inflict unprecedented economic hardship on the citizens by denying them ownership and access to their monies.
