Buhari To Extend Validity Of Old Naira Notes

President Muhammadu Buhari is reportedly considering extending the validity of old naira notes by 60 days.

According to The Cable, Buhari is planning to extend the validity of its legal tender status to avoid disobeying the order of the Supreme Court of Nigeria, which ruled that the old ₦1,000, N500, and N200 notes remain valid until it delivers judgment in the case filed by some states against the federal government.

A senior government official revealed that Buhari was worried about the hardship faced by Nigerians as well as the legal implications of disobeying the order of the constitutional court.

The official said that this was the focus of a meeting between Buhari and the leadership of the Nigeria Governors Forum (NGF) and the Progressives Governors Forum until the early hours of Wednesday.

The source disclosed that the governors are expected to withdraw their case at the Supreme Court.

The official said: “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 ₦1,000, 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.”

Supreme Court

While other governors were “on the same page with the president,” the official said Governor Nasir El-Rufai of Kaduna state insisted on total policy cancellation.

Buhari, who reportedly monitored development at the Supreme Court, was disappointed that the governors reneged on their promise to withdraw the case.

The source said: “The president will not disobey court. But he is also concerned about the suffering of Nigerians and wants them to find lasting solutions 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.”