• About Us
  • Home
Monday, March 27, 2023
Shaka Momodu
  • Right Of Reply
  • News
  • Politics
  • Business
  • OpEds
  • Sports
No Result
View All Result
  • Right Of Reply
  • News
  • Politics
  • Business
  • OpEds
  • Sports
No Result
View All Result
Shaka Momodu
Home News

Why Supreme Court Overturned CBN’S Naira Redesign Policy, and Ordered Use of Old Naira

by News Reporters
3 weeks ago
in Business, News
0 0
0
Why Supreme Court Overturned CBN’S Naira Redesign Policy, and Ordered Use of Old Naira
Share on FacebookShare on Twitter

The Nigerian supreme court has overturned the Central Bank of Nigeria’s (CBN) currency redesign policy and ordered that all former denominations of naira notes remain legal tender until December 31.

The court made the proclamation on Friday while rendering judgment in a case brought by three federal states.

In a decision handed down by Justice Emmanuel Agim, a seven-member panel ruled that the Nigerian government violated the constitution by proceeding with the policy without consulting the State government and other stakeholders, and that the old N200, N500, and N1000 remain legal tender until December 31, 2023.

Judge Agim said that Buhari’s illegal exercise of authority in the currency redesign and cashless policy violated the fundamental rights of Nigerian citizens in multiple ways, which is not permitted in a pluralistic democracy like Nigeria.

The supreme court ruled that the President’s unlawful use of power caused more economic harm than good for Nigerians, as there was a nationwide cash shortage as a result of the redesign and swap policy, and many people were denied cash ownership and access to their funds, resulting in a large number of cash-poor Nigerians.

On this note, Legal Analyst Chinwe Izegbu stated, “Our descendants will regard to today as the day the supreme court, our top court, rendered a magnificent ruling on behalf of all Nigerians, demonstrating that the constitution is supreme.”

She then remarked that Section 1, subsection 1 of the constitution stipulates that the Nigerian Constitution is supreme and that other parts of the legislation that contradict the provisions of the Nigerian Constitution are null and void.

Previous Post

Zenith Bank Plc to Become Zenith Holdco Plc

Next Post

Naira Redesign: President Buhari is Autocratic and a Dictator -Supreme Court panel

Next Post
Redesigned Aimed to Diminished the Power of Money in Nigeria’s politics -Buhari

Naira Redesign: President Buhari is Autocratic and a Dictator -Supreme Court panel

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

NEWS AROUND

  • OPINION | Dodgy Elections, Democracy and Divorce, By Dakuku Peterside

          Nigerian elections and Nigerian […]

  • Bandits Attack Kaduna Community, Kill Pastor, Several Others

    By Sam Kayode   Suspected Fulani bandits have […]

  • Anambra North 2023: Call Nwoye Now, Group Tasks Senator Oduah

    By Ogochukwu Isioma  The Initiative for Better […]

  • PHOTO: Oyeagwu, Zenith Bank GMD, Bags Doctorate Degree at UNN

    The post PHOTO: Oyeagwu, Zenith Bank GMD, Bags […]

  • REBUTTAL | Araraume and Purported Imo Guber Contest under Labour Party, By Uche Anyanwu

      The attention of Senator Ifeanyi Araraume has […]

  • Inciting Comments: Atiku Hails UK, Says DSS ‘Must’ Arrest Fani-Kayode

    (PRESS STATEMENT) The Presidential candidate of […]

  • OPINION | If I Were Tinubu-3: — setting a Tinubunomic’ agenda, By Segun Adeleye … (l)

      ‘When the righteous are in authority, the […]

  • Meningitis: Avoid Overcrowded, Poorly Ventilated Areas, Doctor Cautions Nigerians

    Chioma Ofoekii, a medical practitioner, has […]

  • Tuberculosis: Ignorance, poor environment leading cause of disease – Expert

    Despite the availability of its effective cure, […]

  • PDP, Adebutu Desperate to Compromise Election Materials, APC Warns INEC

    By News Agency of Nigeria The All Progressives […]

  • About Us
  • Home

© 2022 THIS REPUBLIC By Shaka Momodu

No Result
View All Result
  • Right Of Reply
  • News
  • Politics
  • Business
  • OpEds
  • Sports

© 2022 THIS REPUBLIC By Shaka Momodu

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version