President Muhammad Buhari, has apologised to Nigerians over the hardship the Naira redesign caused to them, but insisted the policy was not meant to cause hardship.
The President, who spoke in a viral video in Hausa said the Naira redesign policy was introduced to boost Nigeria’s economy.
He said: “First of all, I want to once again thank you for the confidence you have in me.
The Supreme Court, in a unanimous ruling on Friday, nullified the ban on use of the old N200, N500 and N1000 banknotes as legal tenders.
A seven-member panel of Judges, held that the old banknotes should remain valid legal tenders until December 31.
The apex court held that the old Naira notes should be used alongside the redesigned currencies. The Supreme Court Justices faulted President Muhammadu Buhari for introducing the policy, without due consultation with the Council of States, the Federal Executive Council, the Civil Society and other relevant stakeholders.