President Muhammadu Buhari is reportedly considering extending the validity of old 200, 500 and 1000 naira notes by 60 days.
TheCable reports that this is to avoid disobeying the order of the Supreme Court of Nigeria which ruled that the old 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.
According to the official, “The resolve was to give room for President Buhari to make concession on the monetary policy and make the following announcements public. 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.
