Connect with us

Business

We‘ll revisit naira redesign policy, says Tinubu

Published

on

Spread The News

 

 

President Bola Tinubu, has promised to revisit the naira redesign policy of the Central Bank of Nigeria (CBN).

Tinubu, who said this in his inaugural speech in Abuja on Monday, however, said that his administration would treat both the old and the new naira notes as legal tender.

He said that the policy was harshly applied by CBN, given the number of unbanked Nigerians.

“Whatever merits it had in concept, the currency swap was too harshly applied by the CBN,” he said.

READ ALSODollar, pound, euro rates drop against Naira

Tinubu said that the country’s monetary policy needed thorough house cleaning.

He urged the CBN to work toward a unified exchange rate.

“This will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy.

“The interest rate needs to be reduced to increase investment and consumer purchasing in ways that sustain the economy,” he said.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published.

Trending