Currency crisis: Pres.Buhari mulls extension of old Naira notes validity for 60 days

Barring last minute change, President Muhammadu Buhari may any time from now overrule the Central Bank Gov. Godwin Emefiele and extend the circulation of the old Naira notes till April 10, 2023.

The decision followed pressure on Buhari not to disobey the interim order of the highest court in the land — the Supreme Court.

Persecondnews reported that the apex court had on February 8 in a ruling on a suit filed by Kaduna, Kogi and Zamfara state governments issued an interim order that the old N1,000, N500 and N200 notes remain valid until it delivers judgment in the case.

The court had fixed February 15 for judgment in the matter but adjourned until February 22.

Emefiele had said that there was no going back on the February 10 deadline for old notes swap.

According to sources at Presidency, Buhari is worried about the hardships and sufferings of Nigerians and would do everything possible to end the crisis.

It was learnt that the old notes swap and shorts of the new notes had dominated several hours of interaction between Buhari and the leadership of the Nigerian Governors’ Forum (NGF) on Wednesday just before the Federal Executive Council meeting.

The sources said the meeting agreed to give Buhari a leeway to make concession on the monetary policy and extend the circulation of old naira notes of N1,000, N500 and N200 for 60 days.

The three bank notes will remain legal tender during this period, and that any old N500 or N1000 that goes into a bank will not be sent back into circulation,” the source also said.

“It was only Kaduna Gov. Nasir el-Rufai, who insisted on the outright cancellation of the Naira redesign policy.

Meanwhile, the president reportedly held a meeting with Emefiele and the Director of the Nigerian Financial Intelligence Unit (NFIU), Mr Modibbo Tukur, after the FEC meeting on the need to allow all old notes to circulate in the system to ease the hardship faced by ordinary Nigerians.