Abuja, Feb. 10, 2023 – The National Council of State has directed the Central Bank of Nigeria (CBN) to make more new naira notes available to Nigerians to relief them of the current hardship.
Godwin Emefiele, the CBN Governor, was also advised to allow circulation of the old naira notes.
These are some of the decisions taken at the Council of State meeting held in Abuja on Friday.
Abubakar Malami, the Attorney-General of the Federation and Minister of Justice, briefed journalists on its outcome.
He was accompanied by Governors Babajide Sanwo-Olu(Lagos) and Darius Ishaku (Taraba) with the Presidential Spokesman, Femi Adesina.
Malami said the two major issues deliberated on were the level of preparedness for the general elections and the re-design of some categories of the naira.
He said the Chairman of the Independent National Electoral Commission (INEC), Prof. Mahmood Yakubu, and the Inspector-General of Police (IGP), Alkali Baba, had assured of adequate preparation for the elections.
Malami said the briefing on the new monetary policy elicited some reactions, adding that the conclusion was that the CBN should do more to ensure there is circulation of adequate cash in the system to alleviate the harsh realities trailing the policy.
“So by way of conclusion, the two major resolutions are, one that we are on course as far as election is concerned and we are happy with the level of preparation by INEC and the institutions.
“Two, relating to the naira redesign policy, the policy stands, but then the Council agreed that there is need for aggressive action on the part of the central bank as it relates to the implementation of the policy by way of ensuring adequate provision with regard to the supply of the naira in the system,” he said.(GBN)
