March 22, 2023

Buhari to extend validity of old naira notes till April 10

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

This is to avoid disobeying 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.

The CBN had insisted that the deadline of February 10 would not be changed but a senior government official told TheCable 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 told TheCable that this was 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.

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