Pres. Buhari Meets CBN’s Emefiele As Naira Scarcity Lingers

Criticism Trails Senate's Approval Of CBN’s N22.7 trillion Loans To FG. Photo Credit: Punch

President Muhammadu Buhari and the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, met on Monday, 13 February 2023, as discussion on the failure of the Naira redesign policy continues.

This is the sixth time President Buhari and Emefiele met since the central bank announced that it was redesigning N200, N500 and N1,000 notes.

Details of their discussion haven’t been made available, but Emefiele was reported to have arrived at the Presidential villa around 1:00 pm.

This comes two days after they met at the Council of State meeting on Friday, 10 February 2023. While Emefiele didn’t brief the press after the meeting, the Minister of Justice and Attorney-General of the Federation, Abubakar Malami, who is also a member of the council said a solution has been proffered to the CBN to end the chaos from the scarcity of Naira.

Malami informed Nigerians that the Council of State told the central bank to either print more new Naira notes or allow Deposit Money Banks (DMB) to continue disbursing old Naira notes.

“relating to the naira re-designed policy, the policy stands, but then the Council agreed that there is need for aggressive action on the part of the Central Bank, as it relates to the implementation of the policy by way of ensuring adequate provision being made with regard to the supply of the naira in the system,” Malami said after the meeting.

Malami’s statement followed the Supreme Court ruling which states: “An order of Interim Injunction restraining the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on February 10, 2023, the time frame with which the now older version of the 200, 500 and 1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for an interlocutory injunction”.

Meanwhile, on Wednesday, 15 February 2023, the Supreme Court will give its judgement on the case between the Federal Government and three northern states; Kaduna, Kogi and Zamfara.

Fakoyejo Olalekan