The Supreme Court has blamed and faulted Muhammadu Buhari decision on the redesign of N200, N500 and N1,000 banknotes without consulting the 36 states in Nigeria.
The apex court agreed that President Muhammdu Buhari could exercise executive powers on behalf of the federation but he should have given reasonable notice to the federating units before executing the new monetary policy via the Central Bank of Nigeria (CBN).
Considering the constitution it was held that reasonable notice was not given to the states as required under section 20(3) of the CBN Act, before the old Naira notes were withdrawn. The Supreme Court, in its lead judgement that was delivered by Justice Emmanuel Agim, held that the approval that President Muhammadu Buhari gave the CBN to withdraw the old banknotes is null.
