Four days after the celebrated judgement
ordering that old N200, N500, and N1,000 notes remain in circulation till December 31, 2023, the Federal Government and the Central Bank of Nigeria (CBN) are yet to make official statements in favour or against the judgement.
However, our correspondents who went across Lagos and other parts of the country reported that commercial banks have started paying the old naira notes to customers.
Though customers could not get the amount they needed, our correspondents reported that some banks pay N5000 and N10,000 to each of the customers in the old notes which they collected with joy.
There are also reports that some traders have started accepting the old naira notes while some are still sceptical to accept them.
It was reported that churches and traders in Kaduna State refused to accept the old naira notes on Sunday.
The Speaker of the House of Representatives, Hon. Femi Gbajabiamila has asked the CBN to comply with the Supreme Court judgement by declaring the old notes legal tender.
Recall that the apex court on Friday ordered that the old N200, N500 and N1000 notes should be spent along with the new notes till December, 31st, 2023.
The court also nullified the Federal Government’s naira redesign policy, declaring it as an affront to the 1999 Constitution.
Reading the lead judgement, Justice Emmanuel Agim, held that the preliminary objections by the defendants (the Attorney General of the Federation, Bayelsa and Edo states) are dismissed as the court has the jurisdiction to entertain the suit.
Citing Section 23(2)1 of the constitution, the court held that the dispute between the Federal Government and states must involve law or facts.
The apex court further pointed out that President Muhammadu Buhari in his broadcast admitted that the policy is flawed with a lot of challenges.
The court noted sadly that the policy has led to some people engaging in trade by barter in this modern age in a bid to survive, adding that the President’s disobedience of the February 8 order, is a sign of dictatorship.
The apex court held that President Buhari breached the Constitution of the Federation in the ways he issued directives for the re-designing of the Naira by the CBN.
Justice Agim further held that the President failed to consult the National Council of States, Federal Executive Council (FEC) and the National Economic Council (NEC) before directing the CBN to unlawfully introduce new Naira notes.
The judge remarked that the unconstitutional use of powers by President Buhari on Naira Re-designing has breached the fundamental rights of the Nigerian citizens in various ways.
The apex court, in the unanimous judgement, held that the unlawful use of executive powers by the President, inflicted unprecedented economic hardship on the citizens by denying them ownership of and access to their money.
Attempts by People’s Forum Online to speak with the two President’s spokesmen, Mr. Femi Adeshina and Garba Shehu as well as the CBN’s Acting Director, Corporate Communications, Alhaji Isa Abdulmumin proved abbortive.