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Buhari considers extension of old naira notes till April 10

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Godwin Emefiele and Muhammadu Buhari e1669244299669

President Muhammadu Buhari is currently looking at extending the use of the old naira notes as legal lender for another 60 days, TheCable reports.

This is in line with the order of the Supreme Court of that the old N1,000, N500 and N200 notes should continue to be an instrument of value exchange in the country before the Buhari-led federal government looked away from the order.

A reliable source within Buhari’s government confirmed to TheCable that the president was fazed by the accelerating sufferings being experienced by Nigerians as a result of Naira scarcity.

The source further apprised TheCable that the issue was discussed by Buhari and the leadership of Nigeria Governors Forum (NGF) as well as the Progressives Governors Forum, Wednesday.

And it is expected that the suit filed by the governors at the apex court would be withdrawn.

“The resolve 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 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.”

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