Buhari mulls extension of old naira note validity till April 10

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Governor Nasir El-Rufai insisted on the complete cancellation of the CBN policy.

As others seek for .

The Ejes Gist News has learned that President Muhammadu Buhari is considering extending the validity of old naira notes by 60 days.

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This is to avoid disobeying the order of the Supreme Court of Nigeria, which ruled that the old N1,000, N500, and N200 notes remain valid until the court renders a decision in the case brought against the federal government by several states.
The CBN had insisted that the deadline of February 10 would not be extended, but a senior government official told newsmen that Buhari was concerned about the hardships faced by Nigerians and the legal ramifications of disobeying the order.

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The official told newsmen that this was the subject of a meeting between President Buhari and the leadership of the Nigeria Governors Forum (NGF) and the Progressive Governors Forum that lasted until early Wednesday morning.
It was then anticipated that the governors would withdraw their case from the Supreme Court.

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Extension of old naira note

“The decision was made to give President Buhari room to make concessions on monetary policy and to make the following announcements public,” the official who doesn’t want his name mentioned explained.

1. “That the old N1,000, N500, and N200 naira notes be permitted free movement in and out of banks for the next 60 days.

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2. “That all three notes will be legal tender during this period, but that any N500 or N1000 notes that are deposited into a bank will not be returned to circulation.”

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While others were “on the same page as the president,” the governor of Kaduna State, Nasir El-Rufai, insisted on the complete cancellation of the policy.

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Buhari was dissatisfied that the governors reneged on their promise to withdraw the case. He had delayed his attendance at the Federal Executive Council (FEC) meeting by forty minutes to monitor the Supreme Court’s ruling.

After the meeting on Wednesday, he met with Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), and Modibbo Tukur, the director of the Nigerian Financial Intelligence Unit (NFIU), to talk about the need to let all old naira notes circulate in the system to make life easier for ordinary Nigerians.

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Godwin Emefiele against the Extension of old naira note?

“The president will obey court orders.” “But he is also concerned about the suffering of Nigerians and wants to find a lasting solution to it,” the official further explained.
“It is evident that some militancy is being propagated against the populace by elites who have the means to obtain the new naira notes regardless, while the populace continues to suffer.”

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“The president will remain engaged and seek a solution to the impasse.”

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