Naira Redesign: FG may Extend Deadline as Malami, El-Rufai, Other Governors Meet

There are strong indications that the federal government is toying with the idea of extending the deadline for the use of N200, N500 and N1000 notes to bring an end to the cash crunch being suffered by Nigerians across the country.

Based on President Muhammadu Buhari’s nationwide broadcast on Thursday, the deadline for the use of old N200 notes would be on April 10 while the N500 and N1000 notes would seize to be legal tender.

The President was however accused of violating a standing Supreme Court order that called for the use of all old notes as legal tender till the substantive case brought by the governors is heard on February 22.

Some governors led by Nasir El-Rufai of Kaduna state had immediately read out a counter broadcast to their states approving the continued use of the N200, N500 and N1000 naira notes in line with the Supreme Court order, paving the way for a potential constitutional crisis.

To avert a complete breakdown of law and order therefore, the Minister of Justice and Attorney General of the Federation, Abubakar Malami, has been meeting with the governors to find an amicable solution to the crisis so that the case in the Supreme Court will be withdrawn.

A competent source close to one of the governors told ECONOMIC CONFIDENTIAL on Tuesday that the federal government is not only meeting with the governors but also considering extending the deadline and bringing back old N500 and N1000 notes into the system.

“El-Rufai and other governors involved in the dispute with the FG and CBN had a meeting with the Attorney General, Abubakar Malami, on an out of court settlement. The meeting which began last night ended this morning,” the source said.

The source who sought anonymity
said the issue has been resolved in favour of further extension to the deadline for the use of old notes.

According to the source, an announcement may be made on the new developments in the next 24 hours.

Meanwhile, another source close to AGF Malami confirmed the meeting to our correspondent who contacted him on phone.

He however declined to give the details of the meeting.