BREAKING: How last minute meeting between governors, AGF paved way for Naira swap deadline reversal
Ahead of the Supreme Court ruling on the naira swap policy of the Central Bank of Nigeria (CBN), the Federal Government and state governments who took the case to court have reached an out of court settlement, WesternPost has learnt.
The settlement sees the old N200, N500 and N1000 notes in circulation till May 1.
The Governors of Kogi, Kaduna and Zamfara states had dragged the Federal Government and the CBN before the Supreme Court, asking the apex court to stop the withdrawal of old naira notes from circulation after the February 10 deadline.
According to them, the biting hardship being experienced in the country would make the deadline not feasible.
The apex court gave an interim injunction to their prayers before adjourning till February 15. At the resumption of the case on February 15, nine other APC governors joined in the suit, making the Supreme Court to adjourn again till February 22 (tomorrow).
WesternPost has, however, gathered that both sides have been able to finally agree on terms after failing to agree before the February 15 date in court.
President Muhammadu Buhari went ahead to address the nation, allowing only the old N200 notes to be in circulation till April 1.
But in the thinking of the governors, the N200 note was too little too short to ameliorate the suffering of the people and the damage done to the economy by the Naira swap policy and it’s shoddy implementation.
Our correspondent gathered Kogi State Governor Yahaya Bello and his Zamfara State counterpart, Bello Matawalle reached the agreement on behalf of the governors during a meeting with the Attorney General of the Federation and Minister of Justice, Abubakar Malami on Monday.
Although, the CBN was yet to share information on the new deadline, First Lady, Aisha Buhari shared it on her verified Instagram page.
Also at the meeting was Chairman of Economic and Financial Crimes Commission (EFCC) Abdulrasheed Bawa.