There are strong indications that the December 2023 deadline for the phasing out of the old naira notes will be extended till 2024.
The Central Bank of Nigeria (CBN) had redesigned the naira last year and set a deadline that was extended after public outcry.
However, ruling in a suit filed by some aggrieved governors, the Supreme Court shifted the deadline to December 2023.
But in an Advisory Report released by President Bola Ahmed Tinubu’s Policy Advisory Council chaired by Senator Tokunbo Abiru, a December 2024 deadline is said to be considered for the old naira notes.
Abiru was the Chief Executive Officer of Polaris Bank before he was elected into the Senate to represent Lagos East following the death of Senator Gbenga Oshinowo, his predecessor.
Also on the council is Dr Yemi Cardoso, a strong ally of the president, who played key role when Tinubu was governor of Lagos State.
The policy also outlined the planned achievements of the incumbent administration within 8 years, revealing Tinubu’s plan to seek a second term.
Tinubu currently has a 4-year mandate, having been elected on February 25, 2023.
Listed among the plans are doubling the economy to $1 trillion, achieving 7% average annual GDP rate; lifting 100 million people out of poverty; creating enabling environment to generate over 50 million jobs, among others.
Also listed in the advisory is the president’s position on abolishing of multiple exchange rate window, which was finally implemented by the CBN on Wednesday.
