Recall that the N1000, N500, and N200 notes were redesigned by the Central Bank of Nigeria (CBN) under the stewardship of the bank's suspended Governor, Godwin Emefiele, last year.

The central bank also established a deadline for the validity of the old Naira notes. In response to a lawsuit filed by disgruntled governors, the Supreme Court pushed back the deadline to December 2023.

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Emefiele was suspended as CBN governor a few days ago, weeks after Tinubu succeeded Muhammadu Buhari as Nigeria's president.

According to a report issued by President Tinubu's Policy Advisory Council, convened by Senator Tokunbo Abiru, a deadline of December 2024 is being considered for the old naira notes.

Abiru was the CEO of Polaris Bank before he was elected to the Senate to represent Lagos East following the demise of his predecessor, Senator Gbenga Oshinowo.

Dr. Yemi Cardoso, a close ally of the president who played a crucial role when Tinubu was governor of Lagos State, is also a member of the council.

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The policy also outlined the intended accomplishments of the current administration over the next eight years, disclosing Tinubu's intention to run for reelection.

The policy plans, according to the document obtained by Daily Trust, include doubling the economy to $1 trillion, attaining a 7% average annual GDP rate, lifting 100 million people out of poverty, and creating an environment conducive to the creation of more than 50 million jobs, among others.

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Also included in the advisory is the president's stance on the Wednesday implementation of the CBN's decision to eliminate multiple exchange rate windows.