The Muhammadu Buhari-led Federal Government’s cashless and Naira re-design policy has been nullified by the Supreme Court.
The apex court on Friday declared the naira redesign policy was an affront to the 1999 Constitution of the country.
Justice Emmanuel Akomaye Agim, who read the lead judgment of the Court, said President Muhammadu Buhari breached the Constitution of the Federation in the ways and manners he issued directives for the re-designing of the Naira by the Central Bank of Nigeria (CBN).
The apex court in its judgement also noted that the President acted Ultra vires by his obvious failure to consult with 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.
Justice Agim held that the President breached the fundamental rights of the Nigerians in various ways by the unconstitutional use of powers.
The Apex Court said such use of powers by President Buhari is not permitted under democracy and in a plural society like the Nigerian nation.
The court also held that the unlawful use of executive powers by President Buhari inflicted unprecedented economic hardship on the citizens by denying them ownership of their monies and access to the money.
