The Cable reported that a high ranking official in the Buhari administration has informed their correspondent about a plan by the President to extend the validity of the old Naira note for another sixty days to avoid violating the oder of the supreme court in that regard.
The CBN had insisted that the February 10 deadline will not change but The Cable reported that President Buhari is worried about disobeying a court oder. The President is also said to be worried about the difficulties faced by Nigerians due to the hardship caused by the policy.
According to the source, that also formed part of the discussions between the President and some states Governors, Where the Governors were expected to withdraw their case at the supreme court.
Insider sources confirm to Abuja Network News that an agreement was reached between the Presidency and the Governors that President Buhari should extend the validity of the said notes to April 10 thus allowing the use of the old notes as legal tender on the condition that any of the old notes that goes to the bank will not be allowed back in circulation.
The source also confirmed to ANN that while all the Governors were in agreement with the FG in that regard only Governor El-rufai of Kaduna State insists the Government must cancel the policy.
Various media outlets have reported how protests erupted in different parts of the country leading to lost of lives and properties as a result of a circular by the apex Bank that led the deposit money banks to stop accepting old notes on the 10 of febuary amidst scarcity of the New notes.
Earlier today the supreme court reiterated that it's oder restraining the FG from banning the use of old notes as legal tender remains. Thus making it impossible for the federal Government to continue with the policy without risking a contempt of court litigation which has already been initiated by counsel to Kaduna State Government in the ongoing trial.
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