A meeting of the Central Secretariat of the party held at party chairman Prachanda's residence took the decision.
Nepalnews quoted Maoist spokesperson Krishna Bahadur Mahara as saying that the party would strongly press for a civil society candidate for the presidency.
However, the party's stance against constitutional change to introduce the single majority provision for unseating the Prime Minister remains unchanged, he informed.
The CPN-M's decision comes following a series of failed negotiations among the parties for resolving their differences over power sharing.
The Maoist party had been claiming both the presidency and the premiership. (ANI)
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