The Supreme Court has quashed the naira swap policy of the Central Bank of Nigeria.
In a unanimous judgement in the suit filed by some states against the policy, the Central Bank of Nigeria said the old N200, N500 and N1,000 notes remain legal tender till December 31.
The apex court faulted President Muhammadu Buhari for disobeying its interim order.
In a lead judgement read by Justice Emmanuel Agbim, the Supreme Court said “The position of the president as Agent of the federation imposed a duty of consultation on him. Not to do so makes him a dictator”.
Justice Agbim said, “I hold that no reasonable notice was given by the CBN under section 20 of the CBN Act. The directive is invalid and I hereby declare it so.
” I am not aware of any law which empowers a bank to withhold a customer’s money and refused to give him/her. The directive on withdrawal limit is an infringement of people’s rights.
“In other countries, decisions to change currencies follow due process and in accordance with democratic dictates, not after a side talk with their central bank chiefs.
” Our rule of law becomes illusory if a President refuses to obey the court”.
