National Council of State supports naira redesign, faults implementation gaps


MEMBERS of the National Council of State met today with President Muhammadu Buhari at the State House, Abuja, and expressed support for the naira redesign policy of the Central Bank of Nigeria (CBN). 

The members, however, faulted gaps in policy implementation, which has led to acute agonies in accessing cash by the people at commercial banks and automated teller machines (ATM).

The Council has asked the CBN governor, Godwin Emefiele, to make new naira notes available to the public, or allow the new and old bank notes to circulate concurrently to ease the tension caused by the scarcity of cash.

Addressing State House correspondents after the meeting, the Attorney General of the Federation, Abubakar Malami, flanked by governors Darius Ishaku of Taraba State and Babajide Sanwo-Olu of Lagos State, stressed the need for aggressive action by the CBN to ensure adequate supply of the naira to enable proper implementation of the policy.

Governor Ishaku said the meeting proffered a number of suggestions to the President, particularly on the currency swap challenge which dominated discussions, following a briefing from Emefiele, and expressed the hope that Buhari would make a decision soon.

On the 2023 elections, Malami expressed the Council’s satisfaction with the level of preparation by the Independent National Electoral Commission (INEC) and other institutions.

Those who attended the Council meeting, chaired by Buhari, included former heads of state Yakubu Gowon and Abdulsalami Abubakar, as well as ex-president Goodluck Jonathan

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Former president Olusegun Obasanjo participated in it virtually.

Also present were Vice President Yemi Osinbajo, Senate president Ahmad Lawan, and Speaker of the House of Representatives Femi Gbajabiamila.

Some state governors were also in attendance

The Minister of the FCT, Mohammed Bello; Secretary to the Government of the Federation, Boss Mustapha; and Attorney General of the Federation and Minister of Justice, Abubakar Malami also attended the meeting.

The INEC chairman Mahmood Yakubu was also physically in attendance and briefed the Council on preparations ahead of the 2023 polls.

All service chiefs and heads of security agencies were also present.

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