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President Muhammadu Buhari met yesterday with Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), at the Presidential Villa in Abuja, as the country waits for the Supreme Court’s ruling on the naira redesign policy tomorrow.

The CBN governor did not speak to reporters as he left the Villa while meeting the President in private for the third time since the naira crisis spread throughout the nation.

At the time this report was filed, the visit’s purpose was also unknown. The search for a solution to the nationwide cash crunch was, however, thought to be related.

Implementing the new currency redesign policy is still a source of fierce controversyThe Council of State had supported the currency redesign policy last Friday, but it had also advised CBN to make sure that there were enough naira notes available to quell unrest and lessen the suffering of people all over the nation.

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The Kaduna, Kogi, and Zamfara states’ lawsuit against the federal government was filed at the Supreme Court on Sunday, and the Nigeria Governors’ Forum (NGF) instructed the Attorneys General of the 36 states to join it.

CBN has urged Nigerians to use eNaira and internet banking as cashless alternatives instead. Osita Nwanisobi, director of corporate communications at the Central Bank of Nigeria (CBN), said that the infrastructure of the Nigerian payment system was capable of handling the surge in transaction volumes across all payment channels at the recently concluded 44th Kaduna International Trade Fair.The CBN director spoke against the backdrop of the struggle faced by citizens to get naira notes from banking halls and Automated Teller Machines (ATMs). Nwasinobi was represented at the event by Mohammed Abbah, director, capacity development department of CBN.

On the naira redesign policy, he said the initiative was not aimed at any individual as being insinuated in the public domain.

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“The CBN Governor has always said the policy is not targeted at anyone or any group of persons, rather, it is derived from the bank’s in-house analysis to strengthen our macroeconomic fundamentals and better our socio-economic conditions,” Nwanisobi said.

“Nigerians will observe that there has been a downward trend in inflation, and the exchange rates have been relatively stable. Furthermore, we aim to increase financial inclusion in the country by reducing the number of the unbanked population.