The report says the decision is to avoid disobeying the order of the Supreme Court of Nigeria which 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.
According to the report, the official said this was the focus of a meeting between Buhari and the leadership of the Nigeria Governors Forum (NGF) as well as the Progressives Governors Forum (PGF) until the early hours of Wednesday.
It was gathered that the Nigerian governors were then expected to withdraw their case at the apex court.
“The resolution was to give room for President Buhari to make concession on the monetary policy and make the following announcements public,” the official said.
“One, that the old naira notes of N200 be allowed free movement in and out of the banks for the next 60 days.
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.
President Buhari, who had earlier delayed attending the federal executive council (FEC) meeting by 40 minutes to monitor the development at the Supreme Court, was disappointed that the governors reneged on their promise to withdraw the case.
“The president will not disobey the court. But he is also concerned about the suffering of Nigerians and wants to find a lasting solution to it,” the official further explained to TheCable.
“It is clear that some militancy is being propagated against the people by the elite who have the means to secure the new notes no matter what while the people continue to suffer.
“The president will continue to engage and see the way out of the logjam.”