The February 10 deadline for the swap of old naira notes with new ones given by the Central Bank of Nigeria has been suspended by the Supreme Court.
The CBN had moved the deadline earlier set for the expiration of the legal tender status of the old notes from January 31 to February 10, after the CBN governor, Godwin Emefiele, met with President Muhammadu Buhari.
Nigerians have been groaning under the pain caused by the deadline as they are unable to get the new notes, while the old notes are being sold to them by Point of Sales vendors.
Pockets of protests had broken out in some states including Delta, Ekiti, Ogun, Oyo and Ondo, with officials of banks being attacked by protesters and bank properties destroyed.
Moreover, the naira redesign policy has caused some wrangling within the ruling All Progressives Congress with some chieftains of the party alleging that the policy is targeted at reducing the winning chances of the APC presidential candidate, Bola Tinubu, at the February 25 poll.
Tinubu also had made some comments in some of his campaign rallies which were believed to be directed at Buhari and some unnamed persons in the Presidency, a notion that the APC PCC spokesperson, Bayo Onanuga, had continued to dismiss.
Not favourably disposed to the naira redesign policy, the Governor of Kaduna State, Nasir El-Rufai, granted an interview to Arise TV where he said some “elements” in Aso Rock working against the ambition of Tinubu were behind the naira and fuel crises in the country. He also alleged that Buhari was “deceived” by the CBN to give a nod to the controversial naira redesign policy.
