The Supreme Court of Nigeria nullified the Federal Government’s cashless and Naira redesign policy on Friday in Abuja, declaring it an affront to the 1999 Constitution.
The Apex Court held that President Muhammadu Buhari breached the Constitution of the Federation in the ways and manners in which he issued directives for the re-designing of the naira by the Central Bank of Nigeria, CBN.
When the President blatantly neglected to consult with the National Council of States, the Federal Executive Council, and the National Economic Council (NEC) before ordering the Central Bank of Nigeria to illegally introduce new Naira notes, Justice Emmanuel Akomaye Agim, who read the lead judgment of the Court, held that the President acted ultra vires.
According to him, President Buhari’s exercise of his executive authority to redesign the naira in violation of the constitution violated the inhabitants of Nigeria’s fundamental rights in a number of ways.
The Supreme Court ruled that in a pluralistic nation like Nigeria, President Buhari is not permitted to utilize his power in this manner.
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.