In a landmark ruling, the Nigerian Supreme Court has upheld the rule of law by ordering the Central Bank of Nigeria (CBN) and the federal government to allow the old N1,000, N500 and N200 notes to circulate alongside the new notes until December 31, 2023. The verdict comes after several state governments sued the federal government over the policy to redesign the country's currency, citing breach of due process and violation of the constitution.
The ruling is a victory for democracy and the rule of law, as it affirms the independence of the judiciary and the separation of powers in Nigeria's democratic system. The Supreme Court's decision underscores the importance of upholding the constitution and the sanctity of court orders, even in the face of executive power and political expediency.
The CBN and the federal government have been ordered to comply with the Supreme Court's ruling, which was delivered by a seven-man panel led by Justice John Okoro. The court held that President Muhammadu Buhari breached the constitution in the manner he issued directives for the redesigning of the naira. The court also criticized the president's disobedience of its earlier order on the circulation of old and new notes.
The CBN has since complied with the ruling, directing deposit money banks to accept the old notes as legal tender till December 31, 2023. The CBN's compliance with the ruling is commendable, as it shows a commitment to the rule of law and the principle of obedience to court orders.
However, the delay in complying with the court order has caused confusion and uncertainty among Nigerians and businesses. The AGF and the CBN's silence over the verdict has emboldened some Nigerians to reject the old notes as legal tender. The delay also shows a lack of respect for the judiciary and the constitution, which undermines the credibility and legitimacy of Nigeria's democratic institutions.
In conclusion, the Supreme Court's ruling on the naira redesign policy is a significant milestone in Nigeria's democratic journey. It affirms the independence of the judiciary and the rule of law, which are essential for a thriving democracy. The federal government and the CBN's compliance with the ruling is a positive step towards restoring public confidence in Nigeria's democratic institutions. Going forward, the government must ensure that it upholds the constitution and the rule of law in all its policies and actions.
Content created and supplied by: Ijeoma_mayor (via Opera News )
Opera News is a free to use platform and the views and opinions expressed herein are solely those of the author and do not represent, reflect or express the views of Opera News. Any/all written content and images displayed are provided by the blogger/author, appear herein as submitted by the blogger/author and are unedited by Opera News. Opera News does not consent to nor does it condone the posting of any content that violates the rights (including the copyrights) of any third party, nor content that may malign, inter alia, any religion, ethnic group, organization, gender, company, or individual. Opera News furthermore does not condone the use of our platform for the purposes encouraging/endorsing hate speech, violation of human rights and/or utterances of a defamatory nature. If the content contained herein violates any of your rights, including those of copyright, and/or violates any the above mentioned factors, you are requested to immediately notify us using via the following email address operanews-external(at)opera.com and/or report the article using the available reporting functionality built into our Platform See More