Indications emerged on Wednesday that President Muhammadu Buhari is making moves to find a solution to the escalating crisis trailing the cash swap by allowing the old notes to remain in circulation for another 60 days.
Many Nigerians protested the scarcity of the new N1,000, N500 and N200 notes on Wednesday as banks and traders stopped receiving the old notes, compounding living for citizens.
There were reports of widespread violent protests in Ibadan, Effurun, Benin, Akure and some others places, leading to vandalism, theft and other forms of chaos.
The Supreme Court on February 8 ordered the Central Bank of Nigeria (CBN) to refrain from enforcing the deadline for the phasing out of the N200, N500, and N1,000 notes pending the hearing of a lawsuit brought by some State Governments, challenging the new currency redesign.
However, to bring succor to the nation and avert contempt against the Supreme Court, Buhari is said to be entertaining the idea of extending the validity of the old notes till April 10, 2023.
A reliable presidential source, who spoke under anonymity, informed the President is seeking an extension of the use of the old N1,000, N500 and N200 for 60 more days.
