Supreme Court nullifies FG’s cashless policy, Naira redesign. The Federal Government’s strategy of becoming cashless and redesigning the naira was invalidated on Friday in Abuja by the Supreme Court of Nigeria, which ruled that it violated the 1999 Constitution.
The Supreme Court ruled that President Muhammadu Buhari violated the Federation’s Constitution by giving the Central Bank of Nigeria, CBN, instructions on how to redesign the Naira.
According to Justice Emmanuel Akomaye Agim, who delivered the court’s lead opinion, the President violated the law by flagrantly omitting to consult with the National Council of States, the Federal Executive Council, and the National Economic Council before ordering the Central Bank of Nigeria to introduce new Naira notes without authorization.
According to him, President Buhari’s use of his authority in an unlawful manner to redesign the naira violated the basic rights of Nigerian citizens in a number of ways.
According to the Supreme Court, President Buhari is not allowed to exercise his authority in such a way in a pluralistic country like Nigeria.
The Supreme Court determined, among other things, that the President’s improper exercise of his executive powers caused the citizens to endure previously unheard-of economic suffering by denying them access to and ownership of their money.