After Suspending Emefiele, Tinubu Makes Fresh Move On Old Naira Notes Validity

President Bola Ahmed Tinubu is reportedly considering a further extension of the validity of old Naira notes.

Recall that the country’s currency, N1000, N500 and N200 notes, were redesigned last year by the Central Bank of Nigeria (CBN) under the leadership of the bank’s suspended Governor, Godwin Emefiele.

Naija News reports that the apex bank also set a deadline for the validity of the old Naira notes, respectively.

However, ruling in a suit filed by some aggrieved governors, the Supreme Court shifted the deadline to December 2023.

A few days ago, however, Emefiele was suspended as CBN governor, weeks after Tinubu succeeded Muhammadu Buhari as Nigeria’s new President.

Subsequently, an Advisory Report released by President Tinubu’s Policy Advisory Council chaired by Senator Tokunbo Abiru, a December 2024 deadline is said to be considered for the old naira notes.

Naija News reports that Abiru was the Chief Executive Officer of Polaris Bank before he was elected into the Senate to represent Lagos East following the death of Senator Gbenga Oshinowo, his predecessor.

Also on the council is Dr Yemi Cardoso, a strong ally of the president, who played key role when Tinubu was governor of Lagos State.

The policy also outlined the planned achievements of the incumbent administration within eight years, revealing Tinubu’s plan to seek a second term.

According to the document obtained by Daily Trust, the policy plans include doubling the economy to $1 trillion, achieving a 7% average annual GDP rate; lifting 100 million people out of poverty; creating an enabling environment to generate over 50 million jobs, among others.

Also listed in the advisory is the president’s position on abolishing of multiple exchange rate windows, which the CBN finally implemented on Wednesday.