CBN Governor, Godwin Emefiele and President Muhammadu Buhari with the new naira notes
Eko Hot Blog reports that President Muhammadu Buhari is considering extending the validity of old naira notes by 60 days.
According to The Cable, a senior government official told the medium that the president was worried about the hardship faced by Nigerians as well as the legal implications of disobeying an order of the Supreme Court.
The apex court had ruled that the old N1,000, N500 and N200 notes should remain valid until it delivers judgement in the case filed by some states against the federal government.
However, the government has disobeyed the order so far as commercial banks refuse to collect the old naira notes from customers.
The CBN insisted that the deadline of February 10 would not be changed.
There now seems to be a solution in sight afer Buhari met with the leadership of Nigeria Governors Forum (NGF) as well as the Progressives Governors Forum until the early hours of Wednesday.
The old N200, N500, and N1000 notes
The governors were expected to withdraw their case at the apex court Wednesday morning after the meeting but they did not to the disappointment of the president, according to the source.
“The resolve was to give room for President Buhari to make concession on the monetary policy and make the following announcements public,” the official told The Cable.
“One, that the old naira notes of N1,000, N500 and N200 be allowed free movement in and out of the banks for the next 60 days.
“Two, that all three notes will be legal tender during this period, but that any old N500 or N1000 that goes into a bank will not be sent back into circulation.”
Buhari had, after the meeting Wednesday, met with Godwin Emefiele, the CBN governor, and Modibbo Tukur, the director of the Nigerian Financial Intelligence Unit (NFIU), on the need to allow all old notes circulate in the system to ease hardship on ordinary Nigerians.
“The president will not disobey court. But he is also concerned about the suffering of Nigerians and wants the to find lasting solution to it,” the official further explained.
“It is clear that some militancy is being propagated against the people by elite who have the means to secure the new notes no matter what while the people continue to suffer.
“The president will continue to engage and see the way out of the logjam.”
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