LEGIT
In the early morning of Thursday, February 16, President Muhammadu Buhari announced that the old N500 and N1000 notes are no longer legal tender in Nigeria.
He, however, said he has instructed the Central Bank of Nigeria (CBN) to allow the old N200 notes until April 10 in a bid to reduce the hardship Nigerians face as a result of the controversial Naira redesign policy. The president asked Nigerians to deposit their old N500 and N1000 notes at the CBN and other designated centres.
Nevertheless, some governors have defied the president and directed residents of their states to continue to spend the old old N500 and N1000 notes. They said their residents should continue spending the notes until the Supreme Court rules otherwise.
Legit.ng notes some states dragged the federal government to the Supreme Court over the implementation of the Naira redesign policy.
