Business Hilights
Tracking Nigeria's Headline Business News Online

Advert space

Advert space

Understanding the Summary of Supreme Court Judgment on Naira Swap

*Supreme Court has jurisdiction on Naira swap case
*The directive given by the President, through a press release by the CBN is invalid
*I hold that no reasonable notice was given by the CBN under section 20 of the CBN Act. The directive is invalid and I hereby declare it so.
*The position of the president as Agent of the federation imposed a duty of consultation on him. Not to do so makes him a dictator.
*In other countries, decisions to change currencies follow due process and in accordance with democratic dictates, not after a side talk with their central bank chiefs.
*I am not aware of any law which empowers a bank to withhold a customer’s money and refuse to give him/her. The directive on withdrawal limit is an infringement of people’s rights.
*States have a right to be consulted by President before the directive to the CBN, as constituents of the Federation*
*Our rule of law becomes illusory if a President refuses to obey the court.

– Justice Emmanuel Agim (JSC)

However, the Federal Government through the CBN is yet to either concur or otherwise; the judgment since 3rd March, 2023, thus creating some levels of confusion as to the chances of not obeying the judgement after all.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More