News
Buhari To Extend Validity of Old Naira Notes Till April 10
President Muhammadu Buhari is considering extending the validity of old naira notes by 60 days.
This is to avoid disobeying the order of the Supreme Court of Nigeria which ruled that the old N1,000, N500 and N200 notes remain valid until it delivers judgment in the case filed by some states against the federal government.
The CBN had insisted that the deadline of February 10 would not be changed but a source confirmed that Buhar is worried about the hardship faced by Nigerians as well as the legal implications of disobeying the order of the constitutional court.
This happened to be the focus of a meeting between Buhari and the leadership of Nigeria Governors Forum (NGF) as well as the Progressives Governors Forum (PGF) until the early hours of Wednesday.
The governors were then expected to withdraw their case at the apex court.
“The resolution was to give room for President Buhari to make concession on the monetary policy and make the following announcements public,” the official said.
“One, that the old naira notes of 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 N1,000 that goes into a bank will not be sent back into circulation.”
The official said that while others were “on the same page with the president”, Nasir el-Rufai, governor of Kaduna state, insisted on total cancellation of the policy.
Buhari, who had earlier delayed attending the federal executive council (FEC) meeting by 40 minutes to monitor the development at the Supreme Court, was disappointed that the governors reneged on their promise to withdraw the case.
He had, after the meeting on Wednesday, met with Godwin Emefiele, the CBN governor, and Modibbo Tukur, the director of the Nigerian Financial Intelligence Unit (NFIU), on the need to allow all old notes circulate in the system to ease hardship on ordinary Nigerians.
“The president will not disobey the court. But he is also concerned about the suffering of Nigerians and wants the to find lasting solution to it,” the source said.
“It is clear that some militancy is being propagated against the people by the 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.”
-
Society News4 years ago
Jamaican man beheads wife after finding out their 6 kids are not his
-
Society News6 years ago
EXCLUSIVE: The Complete Story of Dolapo Awosika, John Fashanu and Prophet Kasali Sex Mess
-
News4 years ago
Pastor Osagie Ize-Iyamu, His Membership Of Secret Cult, And Other Issues Touching On His Public Credentials Examined by Barr. PATRICK I. BIOSE
-
News4 years ago
BREAKING: Ajimobi’s daughter-in-law blast Gov. Makinde, says gov can’t surpass ex-Oyo gov
-
News4 years ago
BREAKING: 2 arrested as NAF begins investigations into Tolulope’s death
-
Crime5 years ago
Exclusive: Female Aide Fingered In Oko Oloyun’s Murder + Banking Transactions That Nailed Husband
-
News4 years ago
BREAKING: Police take over Edo House of Assembly as APC, Oshiomhole move to seize control
-
Society News5 years ago
The Rise and Fall of “Jumoke The Bread Seller”
You must be logged in to post a comment Login