President Muhammadu Buhari has approved the continued use of the old N200 notes, but in direct disregard of the High court order to continue the acceptance of N1000, N500, and N200 notes as legal tender, Buhari approves only the N200 old note.
The old N200 notes will coexist with the new N200 notes, Buhari said.
He, however, did not allow the continued use of the old N500 and N1,000 notes, only saying the CBN would continue to accept them.
Mr Buhari stated this in a national broadcast Thursday morning.
It is not clear if the new directive will reduce the naira scarcity being experienced by 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,” the president said.
The chaos caused by the Naira redesign continues to plague the country both in commerce and the everyday standard of life of citizens.
There have been reports of destruction of bank properties, burning of POS stands and general unrest as people are anxious to get their hands on the Naira.
