The Supreme Court of Nigeria delivering a unanimous judgement a few minutes ago on the Naira Redesign Policy, held as follows;
1. The Defendant, that’s the Federal Government, 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.
2. This suit has merits.
3. The demonetisation policy is inconsistent with the CBN Act.
4. The President cannot make a unilateral policy without carrying the Plaintiffs along.
5. 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 31st December, 2023.
Credit: First Baba Isa (FBI), from the Supreme Court.