The Supreme Court has declared the directive and implementation of the new naira policy is invalid and that old notes should be used untill December, 2023.

In a Judgment delivered by His Lordship Emmanuel Akomaye Agim JSC, he refered to the procedure in India. “Changing a country’s currency involves serious consultations. This was not done in this case. I hold that no reasonable notice was given as required by s 20(3) of the CBN act. The directive and implementation of the policy is INVALID.

Dismissing the preliminary objection by the defendants, the apex court held that “The CBN need not be joined when its disclosed principal has been sued. It has been held in many cases that an agent of a disclosed principal is not a necessary party. This suit is not between banks. It is therefore not within the exclusive jurisdiction of the Federal High Court. It is a dispute between some states and the federation over the way and manner the federal government made a policy without the involvement of the national council of states.

“Whatever the Central Bank of Nigeria does, it for federal government of nigeria and a disclosed principal.”

“it is not in dispute that the President did not consult the National Council of State and the National Economic Council. They are constituents of the states and ought to have been consulted. The CFRN does not expressly require to consult them before taking any decision. But the need to consult them is implicit in the CFRN and in a democracy.

The members of the National Council of States and National Economic Council are representatives of the State. The President realised belatedly that they ought to have been consulted. There is even nothing to show by any public notice that the currency would be redesigned. The public only became aware through press remarks. It cannot qualify as a notice to the public. The 1st defendant’s reliance on it as a proper notice is misconceived. The said press remarks is invalid.

The President in his national broadcast admitted that the policy has brought untold hardships.” Agim declared

Details later .