Buhari to extend old naira notes validity by 60 days - Report

President Muhammadu Buhari is reportedly considering granting a 60-day extension for the old naira notes to coexist with the redesigned ones.

According to an online platform, The Cable, the President was ready to make the concession on the agreement that some state governments will withdraw the lawsuit against the Federal Government at the Supreme Court.

Recall the apex bank had ruled last week that the old N1,000, N500 and N200 notes remain a legal tender pending its judgement on the case filed by the Kaduna, Zamfara, and Zamfara state governments.

However, Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, had insisted that there was no need to extend the currency swap deadline beyond the earlier date of February 10, 2023.

But, a senior government official told The Cable that Buhari was concerned about the hardship Nigerians are currently experiencing due to naira scarcity as well as the legal implications of disobeying the order of the apex court.

The platform quoted the official as saying that the President had met with the leadership of Nigeria Governors Forum (NGF) as well as the Progressives Governors Forum until the early hours of Wednesday, February 15, 2023, to fashion out a way forward, and this include 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 official told The Cable.

Meanwhile, while everybody agreed with the president's proposition, Governor Nasiru El-Rufai of Kaduna insisted on total cancellation of the policy, the official added.

Buhari was reportedly further infuriated to find out that the governors had reneged on their promise to withdraw the case at the Supreme Court on Wednesday.

The platform quoted the official as saying, “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.”

Also, shortly after the Federal Executive Council meeting on Wednesday, the president met with Emefiele and Modibbo Tukur, the director of the Nigerian Financial Intelligence Unit (NFIU), on the need to allow all old notes circulate concurrently with the new notes to ease the hardship on ordinary Nigerians, the report added.