The Central Bank of Nigeria has broken its silence following the nullification of the cashless and Naira re-design policy of President Muhammadu Buhari-led government.
The apex court in its ruling declared the naira redesign policy was an affront to the 1999 Constitution of the country.
The court made the declaration on Friday while delivering judgment in a suit instituted by some state governments.
It also directed CBN to keep the old N200, N500, and N1,000 notes in circulation till December 31, 2023.
A seven-member panel of the apex court held that the old N200, N500 and N1000 remain valid legal tender until 31 December 2023.
The supreme court faulted the entire policy of the CBN, saying the timing and implementation were defective.
Justice Emmanuel Akomaye Agim while reading the lead judgment of the Court, said President 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).
The apex court in its judgement also noted that the President acted Ultra vires by his obvious failure to consult with the National Council of States, Federal Executive Council (FEC) and the National Economic Council (NEC) before directing the CBN to unlawfully introduce new Naira notes.
Reacting in a terse statement, CBN said it is now waiting for legal advice as the Supreme Court ruling affects the entire Naira redesign policy.
A top official who spoke on the development said the CBN would make its position on the matter known but that it was awaiting legal advice, ostensibly, from the Office of the Attorney-General of the Federation (AGF)
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