•••SAYS N500, N1000, STILL LEGAL TENDERS TILL DECEMBER 31
The Supreme Court, on Friday, reversed President Mohammadu Buhari’s administration ban on use of the old N200, N500 and N1000 banknotes that all the denominations are still legal tenders till December 31.
The court also accused the President of disobeying it’s order by not giving illegal directive after it had ruled on the matter.
In a unanimous decision by a seven-member panel of Justices, the apex court nullified the ban which made N500, N1000, l but held that the old banknotes should remain valid legal tenders until December 31.
According to the Apex court, both currencies, the old Naira notes and the redesigned currencies should be traded together.
It disagreed with President Muhammadu Buhari’s introducing the Naira redesign policy, stressing that the government carried out the policy without due consultation with the Council of States, the Federal Executive Council, the Civil Society and other relevant stakeholders.
Justice Emmanuel Agim, who was the lead Judge while delivering the judgement of the apex court, accused President Buhari of disobeying its interim order that halted the full implementation of the new monetary policy.
The apex court stressed that the defendants (CBN And Federal Government) refused to obey its orders.
“The disobedience of the orders of the Court is a sign of the failure of rule of law. This suit has merits.”
According to the Supreme Court, the demonetisation policy was inconsistent with the CBN Act and that the President cannot make a unilateral policy without carrying the Plaintiffs (state Governors) along.
The Supreme Court said that in implementing the policy, the president is under an obligation to carry along the National Council of States and that the policy has impeded the functions of state governments.
