In a last‑ditch effort to resolve the lingering cash crisis that has thrown the country into turmoil, governors elected on the All Progressives Congress (APC) platform met with party leadership at the APC National Secretariat in Abuja on Sunday. The meeting, which began at 2:37 p.m., was attended by twelve governors—Nasir El Rufai (Kaduna), Abdullahi Sule (Nasarawa), Muhammad Inuwa Yahaya (Gombe), Mai Mala Buni (Yobe), Abubakar Badaru (Jigawa), Abubakar Sani Bello (Niger), Yahaya Bello (Kogi), Simon Lalong (Plateau), Biodun Oyebanji (Ekiti), Atiku Bagudu (Kebbi), Babajide Sanwo‑Olu (Lagos) and members of the APC National Working Committee. Governors Abdullahi Ganduje (Kano) and Dapo Abiodun (Ogun) were absent, while the governors of Imo and Katsina were represented by their deputies. The party’s presidential candidate, Asiwaju Bola Tinubu, joined the session at 4:45 p.m.
Addressing journalists before the closed‑door session, APC National Chairman Senator Abdullahi Adamu praised the turnout and stressed the urgency of the gathering. He said the meeting was convened to allow “standard bearers of our states…who were elected on the platform of our great party” to discuss the crisis and reach a common understanding of the situation.
The cash crisis intensified after the Supreme Court ordered the federal government to suspend the February 10 deadline for swapping old naira notes for new ones. The Central Bank of Nigeria (CBN) refused to shift the deadline, despite the court order stemming from a suit filed by Zamfara, Kogi and Kaduna states against Attorney‑General Abubakar Malami. Lagos, Ondo, Ekiti, Kano, Sokoto, Ogun and Cross River later joined the suit as co‑plaintiffs. Tensions between the governors and President Muhammadu Buhari (retd.) escalated when Buhari, in a nationwide broadcast, ignored the court ruling and extended the validity of the old N200 note while declaring the old N500 and N1,000 notes illegal, giving citizens until April 10 2023 to deposit the higher denominations.
After the APC meeting concluded at 7:15 p.m., Adamu briefed the press on the outcomes. He lamented that, although the naira redesign was a good idea, its timing and the hardship it caused required the CBN Governor Godwin Emefiele and the Attorney‑General to avoid misleading the President. He urged both officials to respect the Supreme Court’s interim injunction and called on President Buhari to intervene and resolve the economic difficulties. When asked about Tinubu’s presence, Adamu described it as a “normal visit.”
Atiku Bagudu, chairman of the Progressive Governors Forum and governor of Kebbi State, expressed satisfaction with the mobilisation of the APC campaign. He praised the efforts of the campaign’s Director General, the governors and the candidate, saying the party and its leaders were “one and the same” and that they were impressed by the widespread support.
Some governors, such as Sanwo‑Olu and El Rufai, appeared somber after the meeting, and Tinubu declined to address the press, leaving the venue promptly when journalists pressed him for comments. According to sources, most governors who spoke urged the President to enforce the court order. Bagudu, speaking after the chairman’s opening address, rallied the governors and the APC NWC to oppose the CBN policy, leading to a strong collective stance against the currency redesign, the CBN governor and the Attorney‑General.
Meanwhile, the Bankers Committee considered extending the collection of old notes to avert protests ahead of the elections. Commercial bank CEOs met virtually on Saturday and decided to resume accepting old notes on Monday, hoping to reduce tension and prevent further attacks on bank staff and property in the final week before the polls.
Defying Buhari’s directive that the old N500 and N1,000 notes were no longer legal tender, the Kaduna State Government ordered its ministries, departments and agencies to accept payments in both old and new notes. Governor El Rufai, who had previously condemned Buhari’s stance as contrary to the Supreme Court order, reiterated that the state would continue to accept all denominations in line with the court’s injunction. Kaduna also warned of an alleged plot by disgruntled elements to destabilise the state before the elections, citing intelligence on planned protests and placing security agencies on red alert. A Kaduna lawmaker, Samaila Suleiman, called El Rufai’s directive “treason” and urged legal action.
Ogun, Zamfara and Lagos states issued similar statements, confirming that the old notes would remain legal tender until the Supreme Court delivers a final ruling. Ogun’s press secretary affirmed the Supreme Court as the sole arbiter, while Lagos’s commissioner for information described the directive on collecting old N500 and N1,000 notes as advisory, aimed at maintaining peace.
The Association of Senior Staff of Banks, Insurance and Financial Institutions lifted its stay‑at‑home order, urging workers to resume duties and calling on the federal government to make cash available to banks. The cash shortage has already claimed at least thirteen lives in protests across twelve states and the Federal Capital Territory, with fatalities reported in Ogun, Edo, Delta, Oyo, Benue, Kwara, Lagos, Akwa‑Ibom, Osun, Rivers and Abuja.
Amid the worsening crisis, President Buhari appealed for patience, stating that the policy was intended to improve the economy and promising relief. In a video recorded from Ethiopia during the African Union summit, he urged Nigerians to “exercise further patience” and expressed confidence that “there will be light at the end of the tunnel.” He also endorsed APC presidential candidate Bola Tinubu, calling him reliable and capable of building on the party’s achievements. Buhari’s message came two days before the final APC campaign rally in Lagos, which he is expected to attend.
Comments are closed for this story.