The Supreme court of Nigeria has on Friday ruled that the old Nigeria’s naira notes shall continue to be a legal tender until December 23, 2023.
The apex court gave the ruling in an unanimous judgement on Friday.
Details of the ruling obtains below,
“The CBN need not be joined when its disclosed principal has been sued. It has been held in many cases that an agent of a disclosed principal is not a necessary party. This suit is not between banks. It is therefore not within the exclusive jurisdiction of the Federal High Court. It is a dispute between some states and the federation over the way and manner the federal government made a policy without the involvement of the national council of states.
“The scope of the original jurisdiction covers ANY dispute. This court is vested with an unlimited jurisdiction over disputes between states and the federation. POs fail and are hereby dismissed.
“It is not in dispute that the President did not consult the National Council of State and the National Economic Council. They are constituents of the states and ought to have been consulted. The CFRN does not expressly require to consult them before taking any decision. But the need to consult them is implicit in the CFRN and in a democracy.
“The members of the National Council of States and National Economic Council are representatives of the State. The President realised belatedly that they ought to have been consulted. There is even nothing to show by any public notice that the currency would be redesigned. The public only became aware through press remarks. It cannot qualify as a notice to the public. The 1st defendant’s reliance on it as a proper notice is misconceived. The said press remarks is invalid.
“The President in his national broadcast admitted that the policy has brought untold hardships.
[3/3, 11:56] +234 706 644 7492: The decision to change a country’s currency cannot be handed down after a personal consultation with just the CBN Governor.
“Agim refers to the procedure in India. Changing a country’s currency involves serious consultations. This was not done in this case. I hold that no reasonable notice was given as required by s 20(3) of the CBN act. The directive and implementation of the policy is INVALID.
“The Derendants ought not to be heard when it has refused to obey the orders of this Honourable Court. The disobedience of the orders of the Court is a sign of the failure of rule of law. This suit has merits. Reliefs:
1. The demonetisation policy is inconsistent with the CBN Act.
2. A declaration that the President cannot make a unilateral policy without carrying the Plaintiffs along.
3. In issuing the policy, the president is under an obligation to carry the national council of states along.
4. The policy has impeded the functions of state governments.
5. The directive of the president is illegal
6. Old version of the naira notes shall continue to be legal tender with the new naira notes until 23rd December 2023.”