Naira Redesign: Buhari engages Emefiele, EFCC Chair, 2 governors over cash scarcity, swap

*President Muhammadu Buhari meets with CBN Governor Godwin Emefiele, Abdulrasheed Bawa of EFCC, as well as Governors Atiku Bagudu and Aminu Tambuwal of Kebbi and Sokoto States regarding a subsisting court order restraining the Federal Government and CBN from extending the February 10 deadline for the swapping of three old Naira notes

Isola Moses | ConsumerConnect

President Muhammadu Buhari has met with Governor Aminu Tambuwal of Sokoto State and Chairman of the Nigeria Governors’ Forum (NGF); and Governor Atiku Bagudu of Kebbi State, who is Chairman of the Progressives Governors’ Forum, over the scarcity of  N200, N500 and N1000 Naira notes in circulation.

ConsumerConnect reports  Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN); Abdulrasheed Bawa, Chairman of the Economic and Financial Crimes Commission (EFCC); Gen Lucky Irabor, Chief of Defence Staff (CDS) are also in attendance at the meeting held Tuesday, February 7, 2023, in President Buhari’s Office in the State House, Abuja, FCT.

The meeting said to be originally scheduled with the 36 State Governors was cancelled for reasons not disclosed.

It is, however, noted that the presence of the CBN Governor, indicated that the meeting might have been convened to discuss the cash swap policy.

The CBN’s new February 10 deadline for phasing out the old notes has elicited public outcry, particularly from cross-sections of Nigerians, including the governors.

Recall that Buhari February 3 met with the Governors of the ruling All Progressives Congress, and some of the governors had asked that the President intervene to allow both the old and new notes co-circulate to ease cash crunch recorded across the country.

Specifically, the governors had asked the President to intervene in the Naira scarcity crisis to allow both the old and new notes co-circulate to ease cash crunch recorded across the country.

However, it was learnt that Buhari must have cancelled it in respect of the court order forbidding the Federal Government and CBN from extending the February 10 deadline for the swapping of three old Naira notes any more.

Sources within the Presidency also affirmed that the President was wary of the possible perception of his administration’s disregard for a lawful order in this regard.