Nigerians have attacked President Muhammadu Buhari after his speech directing the Central Bank of Nigeria (CBN) to allow the use of N200 old naira notes as legal tender, headlinenews.news reports.
Earlier, headlinenews.news reported that Buhari in a National Broadcast aired on national stations ordered the Central Bank of Nigeria (CBN) to allow the old 200 naira notes and redesigned 200, 500, and 1000 naira notes to coexist.
The President said the old naira notes of 200, 500, and 1000 will continue to be legal tender till Monday, April 10.
“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 Feb. 10, 2023 to April 10 2023,” 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.”
Buhari in October 2022 approved the CBN’s request to redesign the Nigerian currency notes – and phase out the old naira notes by the end of January 2023. He later gave an extension till Friday, February 10.
On February 8, the supreme court temporarily restrained the federal government from banning the use of the old naira notes from February 10, 2023, pending the hearing of the matter on February 15, which was later adjourned till February 22.
However, against the ruling, Buhari only has only allowed the use of old N200 notes while the N500 and N1000 notes remain illegal.
Nigerians reacting to the new directive said it is a violation of the Supreme Court order, adding that it is an intentional act to create more hardship for common citizens.
Eghosa Ogieriakhi said; “This is nothing cause we have times 10 of 500 and 1000 notes. Buhari is taking orders from a cabal. They already did their calculations to know that leaving 200 means nothing. The 500 and 1000 means a lot.”
Ugochukwu Azubuko; “This clearly shows that this administration lacks a competent economic team right from the onset. Very very unfortunate! This policy will ever be remembered and used as an excellent example of the policy summersault.”
The Letterman said; “For 8 years, you defended Buhari as he disobeyed court orders after orders. We were called wailers for calling him out. Today, all of us are wailing in unison because Buhari will not obey Supreme Court Order on the old Naira validity extension.”
Tunji Iromini wrote; “And his legacy of disobeying the courts remains firm in history books.”