A week after the Supreme Court ordered the Nigerian government to allow the continued use of old N200, N500 and N1,000 notes, President Muhammadu Buhari has countered that order.
The Nigerian leader, in a national broadcast Thursday morning, admitted ‘difficulties’ that 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 cease 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 initial deadline to phase out the old notes was Friday, 10 February.
The Supreme Court had last week given an interim order for the continued use of all the old notes until it finally rules on a lawsuit brought by three northern states challenging the new currency redesign.
In its sitting on Wednesday, the Supreme Court did not reverse that order, but the court adjourned the suit to 22 February.
Despite acknowledging the supreme court interim ruling in his Thursday broadcast, Mr Buhari insisted that the old note ceased to be a legal tender.
“As an administration that respects the rule of law, I have also noted that the subject matter is before the courts of our land and some pronouncements have been made,” he said.
The president said during the past two weeks he had listened to invaluable pieces of advice from well-meaning citizens and institutions across the nation.
“I similarly consulted widely with representatives of the State Governors as well as the Council of State,” the president said.
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