New Naira notes: Buhari meets with Emefiele, Tambuwal, Bagudu

•Cancels meeting with state governors

President Muhammadu Buhari met on Tuesday with the Chairman of the Nigeria Governors Forum, Aminu Tambuwal of Sokoto State; the Chairman of the Progressives Governors Forum, Atiku Bagudu; the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele; the Chief of Defence Staff, Lucky Irabor, as well as the Chairman, Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, at the council chamber.

The initial meeting with the Nigerian Governors Forum was cancelled for an unspecified reason. Emefiele’s attendance, however, suggested that the meeting was arranged purportedly to discuss the currency swap programme, which has been the subject of public uproar for days, especially from the Governors.

Recall that on February 3, President had a private meeting with the All Progressives Congress Governors, during which they requested that Buhari allow both the old and new notes to circulate, in order to alleviate the widespread cash shortage and suffering of Nigerians.

According to presidency sources privy to the development, the president cancelled it due to a court decision prohibiting the administration from extending the February 10 deadline for exchanging old Naira notes.

The sources affirmed further that the President was wary about the possible perception of disregard for lawful orders.

None of the parties present at the meeting agreed to speak to the media.

When approached to comment on whether there was a contemplation of policy change, Emefiele declined to answer and instead sought to shield his face from correspondents.

Recall that the Federal Capital Territory high court had on Monday stopped the CBN from extending the use of the old naira note beyond February 10, 2023.

The suit marked FCT/HC/CV/2234/2023, listed the CBN, President Buhari and a number of banks as defendants in the suit.

The presiding judge, Eleojo Enenche, ordered the CBN not to extend the deadline pending the determination of the suit.

The court held: “An order of interim injunction is hereby made restraining the defendants whether by themselves, staff agents, officers, interfacing banks or whosoever not to suspend, stop, extend, vary or interfere with the extant termination date of use of the old N200, N500, and N1000 bank note being 10th day of February 2023, pending the hearing and determination of the motion on notice.”