Naija News

Naira swap: “No need for time limit”, says Senate President, Lawan

The search for the new naira notes continues as the CBN’s deadline elapses today, February 10th, 2023While Nigerians are confused about what may become their fate going forward, filling stations and business outlets have started rejecting the old naira notes, saying it expires todayBut the Senate President, Ahmad Lawan has revealed that there should be no time limit for the validity of the legal tender

The president of the Senate, Ahmad Lawan says there is no need for a time limit on the validity of the old naira notes.

He made this disclosure on Friday, January 10th, to journalists after a meeting of the council of state, presided over by President Muhammadu Buhari, The Cable report confirmed.

President Muhammadu Buhari, the president of the Senate, Ahmad Lawan, Council of State, Godwin Emefiele, new naira notesAs CBN remains silent, Lawan speaks on the February 10th deadline after meeting with Buhari and the Council of State.
Photo credit: Nigerian Senate, CBNSource: Facebook

Lawan reveals details of meeting with Buhari, speaks on Feb 10th deadline

Lawan said he told Buhari, in a separate meeting, that the national assembly has resolved that there should be no deadline for the currency swap because of the way it has impacted Nigerians.

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“For us in the senate, initially we felt that this policy in the first place is not a bad one. But we also feel there is no need for time limit,” he said.

“Allow the old and the new to co-exist until the old is phase out. So, what is wrong in that? This is not going to be the first country to deploy it that way,” Lawan added.

Naira Swap: Confusion deepens as filling stations, others reject Old Notes as CBN remains mute

Some filling stations and other commercial institutions in the Federal Capital Territory, Abuja, on Friday, February 10th, rejected the old Naira notes with the arguments that today marks the end of the old notes as legal tender.

This is coming despite an ex-parte order by the nation’s apex court, the Supreme Court, stopping the Central Bank of Nigeria from going ahead with its financial policy of ending the reigns of the old versions of Naira notes.

Recall that the CBN had been asked through an order ex-parte by the Supreme Court to suspend forthwith the deadline fixed for the 10th of February of holistically phasing out the old Naira notes of N200, N500, and N1000.

Old Naira notes deadline: FG speaks on Supreme Court ruling

Earlier, reported that AGF Malami said the federal government would obey the Supreme Court ruling which put on hold the CBN’s February 10 deadline for the old Naira notes swap.

Malami, however, said the federal government would take necessary steps to set aside the interim order.

Recall that the Supreme Court in a ruling on Wednesday, February 8, suspended the CBN deadline for the old Naira notes swap and fixed Wednesday, February 15 for the hearing on the matter.


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