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National Tribune

Flagging The Conscience Of Truth

Presidency: Buhari and CBN have not made a Decision on Naira Scarcity

ByWeb Manager

Feb 15, 2023

According to a brief message from Garba Shehu, spokesperson for President Muhammadu Buhari, the federal government has not yet made a decision regarding an extension of the deadline for the use of old naira notes. This has led to controversy throughout the country.

Shehu clarified that the government and the Central Bank of Nigeria (CBN) have not taken preemptive action on the legality of currency as a legal tender in light of the ongoing case before the Supreme Court. The position of the government and the CBN will be revealed after the case’s determination, which continues tomorrow. Three state governments filed a suit against the federal government, requesting that the Supreme Court direct the federal government to permit the use of both old and new naira notes.

Godwin Emefiele, the Governor of the Central Bank of Nigeria, stated on Tuesday that the deadline of 10th February had not been changed, despite the contrary directive of the Supreme Court. The CBN is not involved in the case brought by the state governments, but the Attorney General of the Federation, Abubakar Malami, has urged the Supreme Court to revoke its order and reject the case filed by the state governments. Meanwhile, as the issue remains unresolved in the Supreme Court on Wednesday, Nigerians are still experiencing a shortage of new naira notes.

Source: Premium Times

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