The federal government today bow to pressure said the old ₦200 will continue to circulate until April 10, 2023.
The president made this known on his early morning broadcast today the February 16, 2023.
He said this decision is to further east the supply pressure to Nigeria citizens
"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.
"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 president said.
This is coming after incidences of violent reactions was widely reported to have erupted in some parts of the country as the commercial banks and businesses ceases to accept the suspended old notes.
Meanwhile, some governors has threatened commercial banks and businesses who continue to refuse the old note to desist or continue at their peril.
Lagos State Governor, Babajide Sanwo-Olu on Wednesday vowed to prosecute banks, businesses and individuals rejecting the old naira notes contrary to order of the supreme court, this is as the state Government joined the dispute against the federal government at the Supreme.
Similarly Ogun State governor, Dapo Abiodun, warned that the State government will shut down any commercial bank rejecting old naira notes.
This is coming as the Apex court on wednesday adjourned the hearing of the case fille by some state government against the federal government on the issue. The governors are praying the order the federal government to drop the CBN directive and allow the old note to continue circulation till it face out.
However, while some school of thought has questioned the jurisdiction of the Apex of Court on the issue, the Apex court has went ahead to give the federal government the order of interim execution, the order which the CBN has tactically ignored.
