Council of State backs CBN’s naira redesign policy, but….

The Council of State meeting on Friday expressed approval for the Naira redesign policy of the Central Bank of Nigeria (CBN) as headed by its governor, Godwin Emefiele.

The meeting, presided over by President Muhammadu Buhari however called on the apex bank to make the new Naira notes widely available or recirculate the old notes to ease the scarcity of cash in the country and reduce the sufferings of Nigerians.

The meeting which had all living past presidents and heads of state in attendance, as well as governors from the 36 states said generally the policy was accepted by members but raised concerns about the implementations.

The Attorney General of the Federation and Minister of Justice, Abubakar Malami, announced the position in a chat with State House correspondents at the end of the meeting in Abuja.

According to the AGF, the council advised the CBN to make more naira notes available in order to relieve Nigerians of the current hardship occasioned by the shortage of banknotes in the country.

READ ALSO: NAIRA SCARCITY: Sack Emefiele now, ex-governorship candidate, Omoragbon tells govt

He said the council expressed confidence in the Independent National Electoral Commission (INEC) and its preparedness for this month’s general elections

Malami said: “So, by way of conclusion, the two major resolutions that were driven, arriving from the deliberations of the Council, 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 redesigned policy, the policy stands, but then the Council agreed that there is a need for aggressive action on the part of the CBN as it relates to the implementation of the policy by way of ensuring adequate provision being made with regard to the supply of the naira in the system.”

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