The Supreme Court has ordered the Central Bank of Nigeria to allow both the old naira notes and the new ones to circulate side by side till December 31st for smooth implementation of the policy.
In a unanimous judgment by a seven- man justices of the Apex court held that all directives issued by President Muhammadu Buhari in respect of the naira re-designing and circulation were voided and set aside on grounds of illegalities and abuse of executive powers.
Justice Emmanuel Agim who read the lead judgment of the Court took a swipe at President Buhari for disobeying its interim order of February 8 to the effect that the old naira is allowed to be in circulation.
As expected, Governors of Kaduna Kogi and Zamfara who first challenged the policy before other states joined were on ground to witness the judgment.
Among others, the Supreme Court held that unlawful use of executive powers by the President inflicted unprecedented economic hardship on the citizens by denying them ownership and access to their monies.
