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Buhari To Extend Use Of Old Naira Notes By 60 Days Over Legal Repercussions

Buhari and Emefiele

To avoid defying the Supreme Court of Nigeria’s mandate that the old N1,000, N500, and N200 notes continue to be legal tender until the court issues a ruling, President Muhammadu Buhari will be extending the usage of the old naira notes by two months.

During this period, it was gathered that only old N200 notes will be allowed to go in and out of the banking system till April 10. adding that the old N1,000 and N500 notes will not be dispensed by banks under the imminent concession.

According to TheCable, President Muhammadu Buhari is considering extending the expiration date of old naira notes by 60 days to avoid the wrath of the judicial arm of the government.

Recall that the CBN had vowed that the February 10 deadline would not be altered. Still, a senior government official told TheCable that Buhari was concerned about both the hardships that Nigerians would experience and the potential legal repercussions of defying the constitutional court’s ruling.

You can read more of such stories at The Cheer News.

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This was the main topic of a meeting between Buhari and the leaders of the Progressive Governors Forum (PGF) and the Nigeria Governors Forum (NGF) that lasted into the early hours of Wednesday.

The feelers pointed out that if Buhari does the aforementioned, the governors’ case in the supreme court was thereafter anticipated to be withdrawn.

The person explained, “The resolution was to allow President Buhari to make a concession on the monetary policy and make the subsequent pronouncements public.

“One, that the 200-naira old-style notes be permitted free entry and exit from banks for the ensuing 60 days.

Two: “Any old N500 or N1,000 that enters into a bank will not be sent back into circulation, but all three notes will be legal money at this period.”

You can read more of such stories at The Cheer News.

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While others were “on the same page with the president,” the insider claimed Nasir el-Rufai, governor of Kaduna state, insisted on the policy’s complete repeal.

Buhari was disappointed when the governors broke their word to drop the case; he had earlier arrived late to the federal executive council (FEC) meeting in order to watch the situation at the Supreme Court.

After the meeting on Wednesday, he had a meeting with Modibbo Tukur, the director of the Nigerian Financial Intelligence Unit (NFIU), and Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), to discuss the necessity of allowing all old notes to circulate in the system to lessen hardship for regular Nigerians.

You can read more of such stories at The Cheer News.

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The president is not going to ignore the court. But he also cares about Nigerians’ suffering and wants to find a long-lasting solution to it, the official told TheCable.

“It is obvious that the elite, who have the resources to obtain the new notes regardless of what, are promoting some form of militancy against the populace. The president “will stay involved and look for a way out of the impasse.”

You can read more of such stories at The Cheer News and Credible News.

 

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