President Muhammadu Buhari has ordered the Central Bank of Nigeria (CBN) to release the old N200 notes into circulation until 10 April, 2023, when it will stop being legal tender.

Buhari, who made this known in a nationwide broadcast on Thursday, called on Nigerians to return all old N1,000 and N500 notes to the CBN and ‘designated points’ as they are no longer legal tender.

He also apologised to Nigerians over the difficulty experienced in the implementation of the naira redesign policy.

‘To further ease the supply pressure, particularly on our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and it should also be allowed to circulate as legal tender with the new N200, N500 and N1,000 banknotes for 60 days from February 10, 2023, to April 10, 2023, when the old N200 note ceases to be legal tender’, he said.

Development Diaries had called on the federal government to take urgent action to avoid a complete breakdown of law and order over the scarcity of the new N200, N500, and N1,000 notes and rejection of the old ones.

President Buhari approved the naira redesign to help curb money laundering and make digital payments the norm in Nigeria.

However, the masses have been bearing the brunt of the poor implementation of the policy, with protests breaking out in several states across the country on Wednesday.

Although the Supreme Court had ruled that the apex bank’s February 10 deadline be suspended temporarily, the position of the CBN and the banks remains unchanged.

Development Diaries believes that President Buhari’s latest directive to the CBN is a slap in the face of the rule of law and ultimately a direct assault on the authority of the apex court.

We, therefore, call on the president and the CBN Governor, Godwin Emefiele, to admit the poor implementation of this policy and respect the order of the Supreme Court.