President Muhammadu Buhari could extend the continued use of the old naira notes as legal tender by 60 days.
Sources familiar with the development said the move is to avoid disobeying the order of the Supreme Court of Nigeria on the naira redesign policy.
Recall that the apex court had ruled that the old N1,000, N500 and N200 notes remain valid until it delivers judgment in the case filed by some states against the federal government.
The CBN had insisted that the deadline of February 10 would not be changed.
However, a senior government official said Buhari was worried about the hardship faced by Nigerians as well as the legal implications of disobeying the order of the constitutional court.
The official said this was the focus of a meeting between Buhari and the leadership of Nigeria Governors Forum (NGF) as well as the Progressives Governors Forum until the early hours of Wednesday.
The governors were then expected to withdraw their case at the apex court.
“The resolve was to give room for President Buhari to make concession on the monetary policy and make the following announcements public,” TheCable quoted the official as saying.
“One, that the old naira notes of N1,000, N500 and N200 be allowed free movement in and out of the banks for the next 60 days.
“Two, that all three notes will be legal tender during this period, but that any old N500 or N1000 that goes into a bank will not be sent back into circulation.”
The official said that while others were “on the same page with the president”, Nasir El-Rufai, governor of Kaduna state, insisted on total cancellation of the policy.