Naira Scarcity: Buhari, CBN yet to take decision - Presidency

The federal government is yet to take a decision on an extension of the deadline for the use of old naira notes, an official has said, further adding to the controversy across the country.

President Muhammadu Buhari’s spokesperson, Garba Shehu, said this in a terse Tuesday night message sent to journalists.

“We wish to state that it is not true that the Federal Government or the Central Bank of Nigeria, CBN have taken a preemptive action on the legality of currency as a legal tender in view of the pendency of the case before the Supreme Court.

“The position of the government and the CBN will be made known upon the determination of the suit coming up tomorrow,” he said.

PREMIUM TIMES reported that the Supreme Court will Wednesday continue hearing in a suit filed by three state governments against the federal government.

The state governments want the Supreme Court to direct the federal government to allow the continued use of both the old and the new naira notes.

Last week, the Supreme Court gave an interim order barring the federal government from implementing the 10 February deadline set for the use of the old notes.

However, despite the Supreme Court order, most banks and businesses have stopped accepting the old naira notes as a legal tender, despite the scarcity of the new notes.

On Tuesday, the Governor of the CBN, Godwin Emefiele, indicated that the 10 February deadline had not been shifted, contrary to the Supreme Court’s directive.

The CBN is not a party to the suit filed by the state governments. However, the Attorney General of the Federation, Abubakar Malami, has asked the Supreme Court to vacate its order and dismiss the suit by the state governments.

As the matter continues at the Supreme Court Wednesday, Nigerians continue to suffer from the scarcity of the new naira notes.