Naira crisis: FG, CBN’s decision still pending, says presidency

Oluwanifemi Ojo
Oluwanifemi Ojo
The President of Nigeria

NaiThe Presidency has said on Tuesday that the Federal Government and the Central Bank of Nigeria have not taken any stand on when the old N200, N500 and N1,000 will cease being a legal tender.

In an interview with The Punch, the Senior Special Assistant to the President on media and Publicity, Garba Shehu, said the FG and CBN would make its decisions known after the conclusion of the lawsuit.

Garba said, “Following series of enquiries, we wish to state that it is not true that the FG or the CBN has taken a pre-emptive 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 added.

Am Business reported that the Supreme Court ordered the CBN to suspend the extended deadline of February 10 that was intended to phase out the old note.

This is because of the poor circulation of Naira and the hardship faced by Nigerians as a result of the CBN’s naira policy.

Following this, the governments of Kaduna, Kogi and Zamfara filed an ex parte application.

In response to this, the Supreme Court gave a ruling order restraining the CBN from effecting its ban on the February 10 deadline.

Meanwhile, the order is pending the hearing and determination of the Supreme Court on the case on Wednesday, February 15.

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