The Supreme Court has declared that the old and the new Naira notes of 200, 500 and 1000 remain in circulation as a legal tender till 31 December, 2023.
The Apex court held that the demonitisation policy was not in consonant with the constitution, adding that the three months notice was not satisfactory.
The seven-man panel of the court led by Justice Emmanuel Agim held that the decision of the president on the new monitory policy should have been made after consultation with all the stakeholders and not the decision being handed down after personal engagement with the Central Bank of Nigeria (CBN)
“The action of the government to declared the old notes non legal tender without making the new notes available is invalid.
“The acts of the president is the acts of the Federation. The Federation is inherently the sovereignt states. Sovereignty belongs to the people of Nigeria.
On the argument that the CBN was not a party to the suit,
The court held that the argument is invalid on the bases that the introduction of the new naira policy is the action of the federal government who is a defendant in the suit.
According to supreme court, the CBN is an agency of the government which only act on the dictates of the Presidency.
Therefore, it maintained that CBN is an unnecessary party to the suit, adding that the suit can be heard and determined without the joinder of CBN as a party.
Also, Justice Agim held that the court has the jurisdiction to hear and determine the suit, therefore, dismissed all the preliminary objection for lacking in merit.