Buhari considers extending old naira notes validity by 60 days – Reports

This decision is to be taken to counter the naira scarcity hardship faced by Nigerians.

President of the Federal Republic of Nigeria, Muhammadu Buhari is reportedly considering granting a 60-day extension for the old naira notes to coexist with the new notes.

This concession, as reported by the Pulse, will only happen if some state governments will withdraw the lawsuit filed against the Federal Government at the Supreme Court.

Just last week, the Central Bank of Nigeria reaffirmed that the old N1,000, N500, and N200 notes remain a legal tender pending the judgement on the case filed by the Kaduna and Zamfara state governments.

However, the bank’s governor, Godwin Emefiele, had insisted thst there no need to extend the deadline for currency swap beyond February 10, 2023.

But according to reports, Buhari was concerned about the hardship Nigerians are facing due to naira scarcity as well as the legal implications of disobeying the Supreme Court’s order.

He (Buhari) met with the leadership of Nigerian Governors Forum (NGF) as well as the Progressives Governors Forum on Wednesday to find a way forward, and this includes the governors withdrawing the case at the Supreme Court.

“The resolve was to give room for President Buhari to make concession on the monetary policy and make the following announcements public.”

“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,” the report said.

Buhari was also infuriated to find out that some governors had reframed from their promise to withdraw the case from the apex court on Wednesday.

“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.”

“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.”