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Naira Policy: Council supports CBN, urges Buhari to direct printing more redesigned notes or co-circulate old, new ones

Redesigned Naira Notes

*The Council of State approves the Central Bank of Nigeria’s Naira redesign policy, but urges the Bankers’ Bank to print more redesigned banknotes, or allow the new and old banknotes to circulate in the economy concurrently for ‘proper implementation of the policy’

Isola Moses | ConsumerConnect

In an effort at dousing the growing socio-economic upheavals in the country, the Council of State has advised President Muhammadu Buhari to direct the Central Bank of Nigeria (CBN) to print more redesigned Naira notes, or allow the new and old banknotes to circulate concurrently.

ConsumerConnect reports the Council of State, in its advisory capacity at a meeting held Friday, February 10, 2023, in the Council Chambers of the State House, Abuja, FCT, affirmed its approval of the CBN Naira redesign policy but frowned on its implementation in the economy.

A cross-section of members of the Council of State in the Presidential Villa, Abuja     Photo: State House

Briefing the State House Correspondents shortly after the Council’s meeting, which President Buhari chaired, Mr. Abubakar Malami, Attorney-General of the Federation (AGF) and Minister for Justice, said that the Council emphasised the need for aggressive action by the CBN to ensure adequate supply of the Naira in the system for proper implementation of the policy.

Speaking on the burning issue at the meeting, Governor Darius Ishaku of Taraba State also stated that the Council of State proffered a number of suggestions to the President, particularly on the currency swap challenge which dominated discussions, following a debriefing from CBN Governor Godwin Emefiele.

Governor Ishaku as well expressed the hope that Buhari will make a decision soon.

In regard to the 2023 General Elections, Malami noted the Council’s satisfaction with the level of preparations by the Independent National Electoral Commission (INEC) and other institutions in the West African country.

Who’s who in attendance at Council’s meeting

Present in meeting are former President (Dr.) Goodluck Jonathan; Heads of State, Gen. Yakubu Gowon (Rtd.) and Gen. Abdulsalami Abubakar (Rtd.), as well as ex-President, Olusegun Obasanjo, who attended virtually.

In attendance in the Council Chamber in Abuja also are Vice-President (Prof.) Yemi Osinbajo; Senate President Ahmad Lawan; Speaker of the House of Representatives, Rt. Hon. Femi Gbajabiamila.

State Governors in attendance include Malam Nasir El-Rufai (Kaduna), Darius Ishaku (Taraba), Babajide Sanwo-Olu (Lagos), and Babagana Zulum (Borno).

Other Governors that are in attendance, virtually, are Ademola Adeleke (Osun), Abubakar Badaru (Jigawa), Yahaya Bello (Kogi), Atiku Bagudu (Kebbi), Dapo Abiodun (Ogun), Aminu Tambuwal (Sokoto), Simon Lalong (Plateau) and the Deputy Governors Nasarawa and Bauchi States.

The Minister for the FCT, Mohammed Bello; Secretary to the Government of the Federation, Mr. Boss Mustapha; Attorney General of the Federation and Minister for Justice, Mr. Abubakar Malami and Mr. Godwin Emefiele, Governor of Central Bank of Nigeria (CBN), also attended the meeting.

Prof. Mahmood Yakubu, INEC Chairman, is also physically in attendance and is expected to brief the council on the preparations ahead of the 2023 elections.

All the Service Chiefs and Heads of security agencies were also physically present.

Earlier, Malami, Attorney-General of the Federation (AGF) and Minister for Justice, had disclosed that the Federal Government would obey the Supreme Court ruling.

Malami, who spoke during an interview on Arise TV, said the government was hopeful that the ex parte ruling which expires on Wednesday, February 15, 2023, would be upturned.

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