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Home » Supreme Court Nullifies FG’s Cashless Policy, Naira re-design

Supreme Court Nullifies FG’s Cashless Policy, Naira re-design

Lekan Shobo ShobowaleBy Lekan Shobo ShobowaleMarch 3, 20232 Mins Read
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Supreme Court Nullifies FG’s Cashless Policy, Naira redesign

Friday March 3, 2023

The Supreme Court of Nigeria on Friday in Abuja nullified the Federal Government’s cashless and Naira re-design policy, declaring it as an affront to the 1999 Constitution.

The Apex Court held that President Muhammadu Buhari breached the Constitution of the Federation in the ways and manners he issued directives for the re-designing of the Naira by the Central Bank of Nigeria, CBN.

Justice Emmanuel Akomaye Agim, who read the lead judgment of the Court, held that the President acted Ultra vires by his glaring failure to consult with the National Council of States, Federal Executive Council FEC and the National Economic Council NEC before directing the Central Bank of Nigeria to unlawfully introduce new Naira notes.

He held that the unconstitutional use of powers by President Buhari on Naira Re-designing breached the fundamental rights of the Nigerian citizens in various ways.

The Apex Court said such use of powers by President Buhari is not permitted under democracy and in a plural society like the Nigerian nation.

Among others, the Supreme Court held that unlawful use of executive powers by the President inflicted unprecedented economic hardship on the citizens by denying them ownership of their monies and access to the money.

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2027 House Of Reps Hopeful, Ademola Agoro Installed As Patron, Osun NYCN ..calls for meaningful empowerment The National Youth Council of Nigeria, Osun State, on Saturday installed the Managing Director, Protogy Global, Engr Ademola Isaac Agoro as Patron. This was at the 2025 International Youth Day celebration in Osogbo with the theme “Youth Advancing Multilateral Cooperation through Technology and Partnership.” In his keynote, Engr. Agoro explained that youth empowerment must be seen as a strategic investment in Osun’s future. He called for the establishment of technology and innovation hubs, a Youth Development Fund, and stronger youth–industry partnerships. Engr. Agoro expressed deep gratitude for the honor and pledged to further champion youth causes in the state: “This investiture is not just a personal recognition; it is a call to greater service. I dedicate this honor to the vibrant young people of Osun State, whose resilience and creativity continue to inspire us all. “As Patron of the National Youth Council of Nigeria, Osun State Chapter, I will work closely with government, industry, and development partners to open more doors of opportunity for our youth. Together, we will ensure that the dreams of Osun youth translate into tangible achievements that uplift our state and our nation.” In his goodwill message, Hon. Olagunju Moshood Olalekan, Commissioner for Youth Affairs, reaffirmed the government’s commitment to youth-focused policies, praising their resilience and innovation. Oba (Dr.) Michael Odunayo Àjàyí, the Elerinmo of Erinmo-Ijesha, urged young people to blend innovation with discipline, while upholding cultural values as the bedrock of sustainable progress. Captains of industry at the event pledged stronger support for youth-led ventures through mentorship, funding, and partnerships. The celebration concluded with optimism and renewed commitment, as stakeholders affirmed that Osun youth are not just beneficiaries of development but active leaders and partners in building a prosperous future for the state and Nigeria at large. The high-profile event was graced by His Royal Majesty, Oba (Dr.) Michael Odunayo Àjàyí (Arowotawaya II), the Elerinmo of Erinmo-Ijesha Kingdom, the Honourable Commissioner for Youth Affairs, Osun State, Hon. Olagunju Moshood Olalekan, other distinguished royal fathers, top government officials, and captains of industry.

August 17, 2025
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