Buhari disobeys Supreme Court order, extends deadline for only N200 notes

Despite a subsisting Supreme Court order barring the Federal Government and its agencies from enforcing the February 10 deadline for the use of old N200, N500 and N1,000, President Muhammadu Buhari on Thursday announced a new deadline for old N200 notes.

Recall that the Supreme Court on Wednesday said its February 8 order barring the Federal Government and its agencies from enforcing the February 10 deadline for the use of old N200, N500 and N1,000 notes still stands.

The Court further fixed February 22 for the hearing of the suit filed by Kaduna, Kogi, and Zamfara states challenging the propriety of the naira swap policy of the Federal Government.

However, in an early morning broadcast on Thursday, President Muhammadu Buhari directed the Central Bank of Nigeria to let the old N200 notes remain legal tender till April 10, 2023.

President Buhari also said all existing old N1000 and N500 notes remain redeemable at the Central Bank of Nigeria (CBN) and designated points.

“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,” the president said.

He recalled that he granted approval for the redesign of the notes in the third quarter of 2022, and called on Nigerians to restore the statutory role of the CBN to have a firm control of naira notes in circulation.