The CBN must continue to accept the old notes from Nigerians, according to a unanimous ruling from the court’s seven-member panel, which was chaired by John Okoro.
The judge ruled that it was unlawful for President Muhammadu Buhari to order the designing of the new notes and the removal of the previous ones without first consulting the appropriate parties.
The lead judge, Emmanuel Agim, a panel member, also criticized the President for disobeying the court’s ruling on February 8 that the old N200, N500, and N1,000 notes should continue to be used alongside the new ones in circulation.
He claimed that the president’s announcement on February 16 that only N200 notes should continue to be accepted as legal cash made Nigeria’s democracy appear hollow while tyranny has taken its place.
According to the court, “It is not in doubt that the President refused to comply with the order of the court that the old 200, 500, and 1,000 naira notes should continue to be legal tender,”.
Interestingly, there is even nothing to show that that the President’s directive for the release of N200 notes was implemented.
“I agree that the first defendant ought not to be heard when the president has refused to obey the authority of this court.