National Council of State endorses Currency Redesign Policy

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The National Council of State has endorsed the currency redesign policy introduced by the Central Bank of Nigeria (CBN).

It however advised that the CBN should be more aggressive in the implementation of the policy in order to reduce the hardship faced by citizens.

Attorney General and Minister of Justice, Abubakar Malami, who confirmed this to State House correspondents on the outcome of the meeting, however advised the CBN to be more aggressive in the implementation of the policy to reduce the hardship being faced by citizens.

He further revealed that the Independent National Electoral Commission (INEC) and the Police also assured the Council of their readiness for the smooth conduct of the 2023 general election.

He 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.”

While corroborating the comments made by the Attorney General, Gov. Darius Ishaku of Taraba said the INEC and the Inspector General of Police both gave details of their level of preparedness for the 2023 election.

He said the governor of the CBN gave details of the Naira redesign policy as well as the merits and demerits of the policy.

“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,” he said.

Ishaku said all deliberations at the Council were advisory, but the president would take the final decision.

Gov. Babajide Sanwo-Olu, who also briefed newsmen, assured that the president would take the right decision at the end of the day for the benefit of all Nigerians.

“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,” he added.