ABUJA, Nigeria (VOICE OF NAIJA) – Reports say President Muhammadu Buhari is planning to extend the validity of the old naira notes by 60 days.
According to TheCable, the President is making this move to avoid disobeying the Supreme Court of Nigeria ruling which validates the old N1,000, N500 and N200 until judgment is delivered.
Godwin Emefiele, the Central Bank of Nigeria (CBN) governor had insisted that the 10 February deadline was sacrosanct.
However, in a fresh report by TheCable, a senior government official informed that Buhari was worried about the hardship Nigerians are facing and his respect for the court order.
“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 was quoted to have said.
He added: “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.”