A week after the Supreme Court ordered the Nigerian government to continue to allow the use of old N200, N500 and N1,000 notes, President Muhammadu Buhari has countered that directive.
The Nigerian leader, in a national broadcast Thursday morning, admitted the ‘difficulties’ the new currency policy is causing Nigerians, but only approved the continued use of N200 notes as a legal tender across Nigeria.
The old N200 will exist alongside the new N200 notes, he said, adding that the Central Bank of Nigeria (CBN) will continue to mop up the old N500 and N1,000 still in the hands of Nigerians.
“To further ease the supply pressures particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023 to April 10 2023 when the old N200 notes ceases to be legal tender,” Mr Buhari said.
“In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.”
The Supreme Court had last week given an interim order for the continued use of all the old notes until it finally rules on the suit filed by some state governments.
In its sitting on Wednesday, the Supreme Court did not reverse that order, hence its validity remains. But the court adjourned the suit to 22 February.
Watch President Muhammad Buhari Speech below:
