Naira: Withdrawal of old notes without notice to states invalid -- S-Court - NEWS FRONTIER DAILY

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Friday, March 3, 2023

Naira: Withdrawal of old notes without notice to states invalid -- S-Court





 The Supreme Court, on Friday, faulted President Muhammadu Buhari's decision to redesign the N200, N500 and N1000 banknotes, without consulting the 36 states of the federation.


The apex court held that though President Buhari could exercise Executive Powers on behalf of the federation, it held that he ought to have given reasonable notice to the federating units, before executing the new monetary policy through the Central Bank of Nigeria, CBN.


It held that reasonable notice was not given to the states as required under section 20(3) of the CBN Act, before the old Naira notes were withdrawn.


Consequently, the Supreme Court, in its lead judgement that was delivered by Justice Emmanuel Agim, held that the approval that President Buhari gave the CBN to withdraw the old banknotes, was invalid.


Source: Vanguard 

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