Following his meeting with the foremost Presidential Candidate in the country and revered national leader of the ruling All Progressives Congress (APC), Asiwaju Bola Ahmed Tinubu on Wednesday, President Muhammadu Buhari, according to Theliberationnews sources set to extend the deadline for old notes expiration by two months.
A source privy to Tinubu’s meeting with the president confirmed to Theliberationnews that Buhari’s decision must have been informed by the advice given by Tinubu and also to avoid flouting 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.
Theliberationnews reported that the apex bank had unyielding stood on its decision that the deadline of February 10 would not be changed regardless of the court ruling.
As gathered by Theliberationnews, a source in the presidency added that the president had become overly worried about the hardship Nigerians have had to contend with as well as the legal implications of disobeying the order of the constitutional court.
It was also learnt that the Naira redesign issue was also the focus of a meeting between Buhari and the leadership of Nigeria Governors Forum (NGF) as well as the Progressives Governors Forum until the early hours of Wednesday.
The governors were then expected to withdraw their case at the apex court.
“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.”
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. It is further stated that El-Rufai’s unilateral position is treated with derision by the presidency.
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.
President Buhari had, after the meeting 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.
Nigerians eagerly await definite presidential pronouncement on this contentious issue.
