Reason has emerged on why President Muhammadu Buhari changed his mind to allow the recirculation of old N500 and N1,000 notes till April 10.
Recall that the President in a nationwide broadcast on Thursday ordered the recirculation of the old N200 notes into the economy till April 10, and stated that the other denominations ceased to be legal tender.
However, fresh facts have emerged that a high-ranking minister and a presidential aide convinced Buhari not to allow the recirculation of the N500 and N1,000 notes.
A top source said the two government officials ‘influenced’ the last-minute decision of the President, saying that the recirculation of the old denominations would allow those who have stashed billions of the old notes for the forthcoming elections to bribe voters.
He said: “Both officials pressed it on the President that allowing N500 and N1000 to be legal tender until April 10th would defeat his resolve not to allow those who have stashed billions of the old notes for the forthcoming elections to bribe voters.
“They convinced the President that Nigerians would accept this when he addresses them, show understanding and embrace the policy. Lost on the President and the two officials was the concern of the governors that re-circulating only the N200 old notes will not end the scarcity of the national currency.
“Also glossed over was the injunction of the Supreme Court of February 8 which was reaffirmed on February 15 that the old notes remain legal tender until the suit filed by the governments of Kaduna, Zamfara and Kogi and the motion of objection filed by the Federal Government are heard and determined.”
