Buhari, Emefiele in closed door meeting after Supreme Court ruling
Hours after the Supreme Court suspended the February 10 deadline for the validity of old naira notes, President Muhammadu Buhari met with the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, in Aso Rock, Abuja.
The outcome of the meeting between the President and Emiefele is yet to be known but may not be unconnected to the ruling of the Supreme Court.
The governments of Zamfara, Kogi, and Kaduna States in a motion ex-parte submitted on February 3rd to the Supreme Court appealed for an interim injunction against the Central Bank of Nigeria (CBN) to halt the implementation of the naira redesign policy.
A seven-man panel of the Supreme Court led by Justice John Okoro, in a unanimous ruling, granted the interim injunction restraining the February 10th deadline pending the determination of the hearing on February 15.
Recalled that the CBN had on October 26, 2022, announced its plan to redesign the three banknotes. President Muhammadu Buhari subsequently unveiled the redesigned N200, N500, and N1,000 notes on November 23, 2022, while the apex bank fixed a January 31 deadline for the validity of the old notes amidst scarcity of the newly introduced notes.
After much pressure, the CBN extended the deadline to February 10th and pegged its weekly cash withdrawal limits to N500,000 for individuals and N5 million for corporate firms.