- As the CBN’s deadline passes today, February 10, 2023, the search for new naira notes continues.
- Filling stations and businesses are rejecting old naira notes because they expire today, leaving Nigerians confused.
- However, Senate President Ahmad Lawan stated that legal tender should not expire.
The president of the Senate, Ahmad Lawan says there is no need for a time limit on the validity of the old naira notes.
The Cable confirmed that he disclosed this information to journalists on Friday, January 10, following a meeting of the council of state presided over by President Muhammadu Buhari.
Lawan reveals details of meeting with Buhari, speaks on Feb 10th deadline
In a separate meeting, Lawan reportedly informed Buhari that the national assembly has decided there should be no deadline for the currency swap due to the negative impact it has had on Nigerians.
“For us in the senate, initially we felt that this policy in the first place is not a bad one. But we also feel there is no need for time limit,” he said.
“Allow the old and the new to co-exist until the old is phase out. So, what is wrong in that? This is not going to be the first country to deploy it that way,” Lawan added.
Naira Swap: Confusion deepens as filling stations, others reject Old Notes as CBN remains mute
On Friday, February 10, some filling stations and other commercial institutions in the Federal Capital Territory, Abuja, rejected the old Naira notes on the grounds that they are no longer legal tender.
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Despite an ex-parte order by the nation’s highest court, the Supreme Court, preventing the Central Bank of Nigeria from implementing its financial policy of ending the reign of the old versions of Naira notes, this has occurred.
Recall that the Supreme Court had ordered the CBN, through an ex-parte order, to immediately suspend the February 10 deadline for phasing out the old N200, N500, and N1000 Naira banknotes.
FG speaks on Supreme Court ruling on Old Naira notes deadline
Previously, Ejes Gist News reported that AGF Malami stated that the federal government would adhere to the Supreme Court’s ruling that halted the CBN’s February 10 deadline for the exchange of old Naira notes.
Malami stated, however, that the federal government would take the necessary steps to vacate the temporary order.
Recall that the Supreme Court, in a ruling issued on February 8, suspended the CBN deadline for the exchange of old Naira banknotes and set the hearing for February 15.
