April 20, 2024

Naira Notes: President Meets CBN gov, Reason Unknown

President Muhammadu Buhari, yesterday, met with Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, at the Presidential Villa, Abuja as the nation awaits the decision of the Supreme Court tomorrow over new notes redesign policy.

 

The governor of the Central Bank of Nigeria (CBN), did not speak to the journalists as he was meeting the President privately for the third time since the naira crisis escalated across the country.

 

The meeting is however, believed to be in connection with finding solution to the cash squeeze experienced across the country as the raging controversy over implementation of the new currency redesign policy has not subsided.

 

Last Friday, the Council of State had backed the currency redesign policy, but advised CBN to ensure availability of naira notes to douse tension and ameliorate the suffering of citizens across the country.

 

On Sunday, the Nigeria Governors’ Forum (NGF) directed Attorney-Generals of the 36 states to join the suit instituted by Kaduna, Kogi and Zamfara states against the Federal Government at the Supreme Court.

 

However, CBN has asked Nigerians to embrace eNaira and internet banking as alternatives to cash transactions. Speaking at the just concluded 44th Kaduna International Trade Fair, Osita Nwanisobi, director of corporate communications, CBN, said the Nigerian payment system infrastructure could handle the surge in transaction volumes across all payment channels.

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