According to TheCable, there are reports that President Muhammadu Buhari is considering extending the validity of old naira notes by 60 days, to comply with a ruling by the Supreme Court of Nigeria that the old N1,000, N500, and N200 notes remain valid until a judgment is delivered in the case filed by some states against the federal government.
The Central Bank of Nigeria (CBN) had initially maintained that the deadline of February 10 would not be changed, but a senior government official informed TheCable that Buhari was concerned about the hardship faced by Nigerians, as well as the legal implications of disregarding the order of the constitutional court.
The official explained that this was the focus of a meeting between presidency officials and the leadership of Nigeria Governors Forum (NGF) as well as the Progressives Governors Forum (PGF) until the early hours of Wednesday.
The governors were expected to withdraw their case at the apex court. However, it was reported that while others were “on the same page with the president,” the governor of Kaduna state insisted on the total cancellation of the policy.