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The Rule of Law Prevails: Supreme Court Ruling on Naira Redesign Policy

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 )

CBN Muhammadu Buhari Nigerian Supreme Court Rule of Law Supreme Court


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