Buhari, Emefiele Strategise as More State Governors Challenge Legal Status of Old Naira Notes at Supreme Court

Buhari, Emefiele Strategise as More State Governors Challenge Legal Status of Old Naira Notes at Supreme Court

  • President Muhammdu Buhari and the CBN governor, Godwin Emefiele, have decided to sit down again and discuss the challenges facing the new naira notes
  • It is less than 48 hours before the Supreme Court said it would give a final verdict on the status of the new naira notes
  • However, several more states have indicated an interest in ensuring the old naira notes remain legal tender

It all began with three governors, but the number of governors opposing the Central Bank of Nigeria's deadline for using old naira notes at the Supreme Court has increased to five.

The suit, which was initially filed by Kaduna, Kogi, and Zamfara, states, now has Ondo, Kano, and Ekiti states as co-applicants.

Rivers state is also indicating its preparedness to do the same.

New naira scarcity
State governors want the old naira notes to circulate with the new ones. Photo credit: @cbn
Source: UGC

CBN deadline for old naira notes

Read also

Naira redesign: Buhari to extend deadline till April 10? New update springs up

The CBN had set Friday, February 10, 2023, as the deadline for using the old N1000, N500, and N200 notes. At the same time, an extra seven days was given for it to be submitted to CBN branches nationwide.

PAY ATTENTION: Subscribe to Digital Talk newsletter to receive must-know business stories and succeed BIG!

However, states are pushing for the old naira notes to circulate with the new notes, a plea that has raised concerns about vote buying in the forthcoming general elections.

CBN defends naira redesign policy

On its part, the CBN has continued to stand its ground that its policy is good for the economy and not targeted at anyone.

Aisha Ahmad, the deputy governor of CBN's Financial System Stability, when she appeared before members of the House of Representatives, revealed that the policy would foster a safe, credible, and efficient payment system that is the pride of all Nigerians and the envy of the World.

Read also

Tension erupts in south-south state as youths protest against powerful PDP Gov for backing CBN policy, see video

Buhari meets Emefiele

Meanwhile, at the Presidential Villa in Abuja, President Muhammadu Buhari is meeting with the Governor of the Central Bank of Nigeria, Godwin Emefiele.

The meeting's agenda has not yet been made public. However, it is assumed that the main topic of discussion would be the plans for the Supreme Court case on Wednesday, February 15, 2023.

Cash Scarcity: Banks Flout CBN Directives, Secretly Close Early, Set Withdrawal Below Approved Limit

The cash crunch in Nigeria has forced some banks to readjust their operating hours and the approved withdrawal limits set by the Central Bank of Nigeria (CBN).

Other banks have reduced the amount dispensed via their ATMs below CBN-approved limits and over-the-counter withdrawals to N5,000.

In December 2022, the Central Bank of Nigeria Governor, Godwin Emefiele, stated that the banks have sufficient new naira notes.

Source: Legit.ng

Online view pixel