A week after the Supreme Court ordered the Nigerian government to continue allowing the use of the old N200, N500 and N1,000 notes, President Muhammadu Buhari has defied the directive.
Nigerian leaders, in a national broadcast Thursday morning, acknowledged the ‘difficulties’ the new currency policy has caused Nigerians, but only approved the continued use of the N200 note as legal tender in Nigeria.
The old N200 will coexist with the new N200 note, he said, adding that the Central Bank of Nigeria (CBN) will continue to burn the old N500 and N1,000 that are still in the hands of Nigerians.
“To further ease the supply pressure especially for our citizens, I have given the approval to the CBN that the old N200 bank note be released back into circulation and should also be allowed to circulate as legal tender with the N200, N500, and the new. The N1000 note for 60 days from February 10, 2023 to April 10, 2023 when the old N200 note is invalid,” Mr. Buhari said.
“In accordance 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 last week gave an interim order allowing them to continue using all the old records until the end of the rule on the suit filed by several state governments.
On Wednesday, the Supreme Court did not reverse the order, so its validity remains. But the court adjourned the suit to February 22.
Details later…
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