There are strong indications that the Federal Government will soon issue a directive to the Central Bank of Nigeria to recirculate the N500 and N1000 notes following an alleged out-of-court settlement it reached with some aggrieved governors.
President Muhammadu Buhari caused further chaos in the country when he announced that only old N200 notes would be allowed to still be in circulation after the February 10 deadline, insisting that the old N500 and N1000 notes were no longer legal tender.
Buhari’s pronouncement contravened the order of the Supreme Court which said both the old and new naira notes should be allowed to remain in circulation pending the determination of the suit brought by some state governors against the federal government over the naira redesigning policy.
However, sources said the Attorney-General of the Federation was in a marathon meeting with some Governors that extended from Monday night to Tuesday morning where the agreement was reached that the government would bring back the old notes which would be in circulation till May 1, 2023.
“The governors now agreed to withdraw the case from the Supreme Court,” a source said.
“There will be cheering news for Nigerians who have suffered as a result of this policy because the government will announce the reversal of its policy on naira soon.”