What council of state tells Buhari and Emefiele about new naira
The council of state has advised both Muhammadu Buhari and the Central Bank Governor Godwin Emefiele over the new naira notes. Nigerians are still lamenting unavailability of the new naira notes.
Meanwhile, Nigerians had already rushed to the commercial banks to deposit the old 200, 500, and 1,000 notes. Whereas new naira notes are not even available, and this has ultimately worsened the situation in the country.
The council of state has given two options to the president and Emefiele. The council said that there should be enough new naira notes in circulation or the apex bank recirculate the old naira notes.
Mr. Godwin Emefiele has insisted that there is enough in circulation already for the citizens. However, long queues are at the banks and their Automated Teller Machine galleries across the country.
In fact, there have been protests and violences in some notable areas of the country. This has forced a number of banks to shut down activities and close their branches for the main time till the matter gets solution.
The president summoned the meeting of the council of state as matters are going to head. Nigerians have had to pay much to withdraw little at the Point of Sales (POS) whose operators are cashing in on the helplessness of the citizens.
Immediate ex president Goodluck Jonathan was in attendance. A former military head of state Abdulsalam Abubakar also attended the meeting. Incumbent vice president Yemi Osinbajo also participated in the meeting.
The Supreme Court had already ruled that validity of the old naira notes can’t stop on 10 February (today). The court has hitherto restrained the apex bank from executing the policy on the naira notes.
It’s however unclear what Nigerians should do. There is confusion as to whether the old notes are still acceptable. Likewise they have neither the old nor the old notes of the currency. That has compounded the issue on ground.
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