Former Nigerian Aviation Minister, Femi Fani-Kayode has mocked the Central Bank of Nigeria Governor, Godwin Emefiele over the Court invalidation of the new naira policy of the Federal Government.
Fani-Kayode made the mockery on his social media platform immediate after the Court order on Friday, saying the CBN Governor and all those behind this illegal policy that misled the President have been put to shame.
According to him, “Thank God for the Nigerian Supreme Court. The old notes are back and the policy of collecting peoples money and not giving them value for it has been declared illegal.
Emefiele and all those behind this illegal policy and that misled our President have been put to shame. Glory!”, The former Minister said.
Meanwhile, the Supreme Court invalidated the new naira design policy initiated by the FG on the grounds that it was not done with due consultation and in line with constitutional provisions.
The Apex Court held that the three months timeline was also not in tune with the Central Bank of Nigeria’s Act and as such unconstitutional while ordered that the old naira notes shall continue to be used side by side with the new naira notes till December 31, 2023.
Besides, the court argued that the President, Muhammadu Buhari usurped the powers of the CBN when he issued the directive banning the old naira notes of N1,000, N500 and N200 notes from February 10, 2023.
Delivering judgement, the court considered the defendants’ argument that the court lacked jurisdiction to decide on the case.
The court held that the dispute is between the states and government of the Federation and within the original jurisdiction of the court.
It held that the government of the federation should have held adequate consultation to avoid massive disruption of government operations and trades.
It invalidated the argument that the CBN was the proper party to be sued, maintaining that it was not the action of the Apex Bank that is being challenged but the validity of the decision of the President to redesign the naira.
While released the new notes into circulation and withdraw the old notes without consultation with Nigerians through the council of states and the National Economic Council.
The Court held that the CBN does not have to be joined as a party in the suit as the CBN had no power to carry out the policy without the directive of the President and that the suit is not an action against the banks or the CBN.
