Over 95% Nigerians stand with S’Court, Still use old N500, N1,000
Whereas President Muhammadu Buhari in a nationwide broadcast, Thursday morning gave approval for only the use of old N200 as legal tender till April 10, 2023 and directed the Central Bank of Nigeria (CBN) to put back into circulation the old N200 currency earlier withdrawn, majority of Nigerians have continued to use all the old notes including N500 and N1,000 as legal tender.
According to the President, this order was to help ameliorate the sufferings being witnessed by a large section of the populace occasioned by the scarcity of funds.
The President however, insists that the old N500 and N1000 bills will no longer be a legal tender and can only be redeemable in the CBN.
Recall that in paragraph 16 and 17 of Buhari’s Thursday broadcast, said as follows:
“16. 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.
“17. 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.”
However, only Wednesday, February 15, the Supreme Court, while adjourning the suit brought up by some states governors on the new naira crisis, extended the existing exparte motion which allows for statuesque ante; meaning continued use of all old and new naira pending the determination of the substantive suit. The suit was adjourned to February 22, 2023.
With the two divergent pronouncements; one by the Executive (Mr. President) and the other by the Judiciary (the Supreme Court), Nigerians are sharply divided on who to obey its position.
Meanwhile, many Nigerians who spoke to Business Hilights on Thursday across major cities say they stand with Rule of Law which is the Judicial pronouncement and not Mr. President, who they say is on vendetta against politicians stockpiling N500 and N1,000 notes for 2023 elections.
A review of the total vox-populi on the two positions showed that only about five percent of Nigerians stand with the Presidency in rejecting N500 and N1,000 old notes.
