Buhari receives National Council of State endorsement of currency redesign policy

President Muhammadu Buhari  on Friday received the endorsement of the National Council of State at its meeting held at the State House, Abuja,  on the currency redesign policy of the Central Bank of Nigeria (CBN), though, urged aggressive implementation to reduce hardship in the country.

The Attorney General of the Federation and Minister of Justice, Abubakar Malami SAN, at a media interaction with State House correspondents after the meeting, noted that the Council advised the CBN to be more aggressive in the implementation of the policy to reduce the hardship being faced by citizens.

The minister said that the Independent National Electoral Commission (INEC) and the Police assured the Council of their readiness for the smooth conduct of the 2023 general election.

Malami had said: “The two major resolutions that were driven by the deliberations of the Council are: one, that we are on course as far as the election is concerned and we are happy with the level of preparation by INEC and the institutions.

“And then two, relating to the Naira redesign policy, the policy stands but the Council agreed that there is need for aggressive action on the part of the Central Bank of Nigeria (CBN) as it relates to implementation of the policy by way of ensuring adequate provision being made with particular regards to the supply of the Naira in the system.”

Governor Darius Ishaku of Taraba State reiterated that the INEC and the Inspector General of Police both gave details of their level of preparedness for the 2023 election; including the CBN governor who gave details of the Naira redesign policy, the merits and demerits of the policy.

Governor Ishaku who said taht all deliberations at the Council were advisory, and that the president would take the final decision, highlighted: “The Governor of the Central Bank briefed us on the monetary change and issues that have arisen relating to that across the whole States of the Federation.

“He gave us the merits of that policy that is being implemented.

“What took more time was the monetary issue because of the scarcity of money in circulation but generally the view is that principally the policy was accepted.

“But the major issue is that of implementation. So many views were proffered particularly that the CBN governor should look into making sure that the new money is available in quantum.

“And there were suggestions too that if the new money is not enough or printing them could be difficult, the old currency could be recirculated or pumped into circulation to ease the tension particularly for the poor people in the society who will need a little money to buy their food or drugs on daily basis.”

Governor Babajide Sanwo-Olu of Lagos State added: “All we said or discussed were advisory and the president will retire back to his office and I think with all of this advice, the executive knows what to do as we move on.

“I’m sure the president will make his thoughts and views known to the nation.”

 NAN