President Muhammadu Buhari, in a bid not to disobey the Supreme Court but at the same time find solution to the suffering of the masses on whose back he rode to office, is seeking for ways to extend 60 days concession till April 10th, 2023 for all old naira notes.
According to an exclusive report by an online newspaper, TheCable “EXCLUSIVE: Buhari to extend validity of old naira notes till April 10”, it quoted a top government source as saying that the president seeking the extension of the use of N1,000, N500 and N200 for 60 days.
The source disclosed that this was the focus of meeting between President Buhari’s representatives and the leadership of Nigeria Governors Forum and as well as the Progressives Governors Forum until 4am of Wednesday, February 15th, with the resolution that they withdraw the case brought against the Central Bank of Nigeria (CBN) on the naira redesign policy at the Supreme Court.
The resolve was to give room for President Buhari to make concession on the monetary policy and make the following announcement public:
* That the old naira N200 be allowed free movement in and out of the bank for the next 60 days.
* 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 source disclosed that while others were on the same page with the President, Governor of Kaduna State, Nasir El-Rufai, refused, insisting on total cancellation of the policy.
President Buhari, who had earlier delayed attending the Federal Executive Council meeting by 40 minutes to monitor the development at the Supreme Court, was disappointed that the governors reneged on their promise.
He had after the Council meeting Wednesday, met with the Central Bank Governor, Godwin Emefiele and the Director, Nigerian Financial Intelligence Unit (NFIU), Modibbo Tukur 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.
“It is clear that some militancy is being propagated against the people by elites 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”, the source said.
Recall the Senior Special Assistant on Media and Productivity, Shehu Garba, in a statement Tuesday night had said President Buhari and the CBN were yet to make a decision on the legality of currency as a legal tender in view of the pending case before the Supreme Court.
Shehu had said: Garba, said President Buhari will make a pronouncement Wednesday after the Supreme Court judgement.
“We wish to state that it is not true that the Federal Government or the Central Bank of Nigeria, CBN have taken a preemptive action on the legality of currency as a legal tender in view of the pendency of the case before the Supreme Court.
SUN NEWS
