What the Council of State said about redesigned Naira

Fri, Feb 10, 2023

3 MIN READ

Africa

THE Council of State meeting has ended in Abuja, with President Muhammadu Buhari expected to implement the suggestions made by members after receiving briefing on the 2023 general election, redesigned Naira notes and security situations in Nigeria.

Council which is an advisory body, received briefing from the Chairman of Independent National Electoral Commission (INEC), Professor Mahmood Yakubu; Governor of Central Bank of Nigeria (CBN), Godwin Emefiele and Inspector General of Police (IGP), Usman Alkali Baba and has accordingly made suggestions to Buhari.

Specifically, the Council made suggestions to the President on how Nigeria could get out of the current cash crunch triggered by the CBN new monetary policy which has seen Nigerians suffering untold hardships to get cash from deposit banks and their AutomatedTeller Machines (ATM) as well as Point of Sales (POS).

Briefing State House Correspondents immediately after the meeting presided over by President Buhari, Governors of Taraba and Lagos states, Darius Ishiaku and Babajide Sanwonu flanked by Minister of Justice and Attorney General of Federation and Minister (AGF), Abubakar Malami, said the President will now have to take a decision on the issues raised and suggestions offered him.

According to Gov. Ishiaku: “The Council of State meeting presided over by President Muhammadu Buhari has ended and in the meeting the INEC Chairman briefed us on the preparedness of the Commission to conduct a free and fair elections.

“Also, the IGP briefed us and told the Council that the Nigerian Police is well prepared to provide adequate security for a hitch-free election.

“Last to brief the Council was the CBN Governor who briefed on the new monetary policy and its implementation. He assured that the policy is going according to plans’ ‘.

Taraba governor however said that the sore point of the new policy is the hardship it has brought upon Nigerians, stressing that many views on its implementation were given to the CBN Governor.

Amongst the suggestions given by the Council, according to Gov. Ishiaku include the suggestions to the CBN Governor to print more new Naira notes or re-circulate the old Naira notes already returned to the CBN vaults.

He assured that after the meeting a lot of efforts will be made by the federal government particularly in easing the hardship caused Nigerians by the shortage of the currency.

Corroborating his counterpart from Taraba, Lagos state Governor (Sanwo-Olu) said INEC Chairman and IGP have assured Council of a hitch-free elections while the CBN Governor has been told to ensure that the banks are flooded with new Naira notes or re-circulate the old notes along the redesigned Naira notes.

Meanwhile, AGF Malami who coordinated the briefing, reiterated what the two Governors said, adding that the Council has made suggestions to the President who is now constitutionally mandated to take decisions on behalf of the Council that will be beneficial to the Nigerian people.

Asked whether the federal government will obey the Supreme Court ruling on the implementation of the February 10 deadline on the use of old Naira notes, Malami said it will amount to dabbling into a matter before the Apex court.

Text excluding headline Promptnews.