Supreme Court docket faults President Buhari on Naira redesign coverage

Nigeria’s Supreme Court docket has restrained President Muhammadu Buhari from withdrawing the outdated N200, N500 and N1000 notes from circulation.

The apex court docket additionally faulted the federal government’s resolution to go forward with the redesign of the banknotes with out consulting the federating items – that’s the 36 states of the federation.

The court docket, subsequently, invalidated the naira redesign coverage of the Central Financial institution of Nigeria (CBN).

The court docket guidelines that the usage of the outdated naira notes would stay legitimate until December 31, 2023.

The seven-member panel of judges who sat on the matter contains John Okoro, Amina Augie, Mohammed Garba, Adamu Jauro, Tijjani Abubakar, Emmanuel Agim and Ibrahim Saulawa.

The court docket made the declaration on Friday whereas delivering judgment in a swimsuit instituted by three states of the federation.

Extra states later joined the swimsuit to carry their quantity to over 15. 

Nigerians has been scuffling with a scarcity in money because the Central Financial institution of Nigeria (CBN) started to swap outdated payments of the native naira foreign money for brand new, re-designed ones, resulting in a shortfall in banknotes.

The shortage of money triggered violent protests in main cities as offended and pissed off financial institution prospects attacked and vandalised banks and blocked roads.

Many individuals working in Nigeria’s casual economic system and in transport use money for transactions reasonably than banking apps.