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.
