Council Of State Backs Buhari On Naira Redesign Policy

The National Council of State, on Friday, in Abuja backed the Central Bank of Nigeria (CBN) on its new naira redesign policy.

The Minister of Justice and Attorney-General of the Federation, Abubakar Malami, announced this to correspondents after the council’s meeting at Ado Rock, Abuja.

However, the council, advised the CBN to either intensify the printing of new notes or recirculate the old ones to ease the hardship being faced by Nigerians.

It also insisted that the general elections be held as scheduled based on the​​ readiness of the Independent National Electoral Commission and the Nigeria Police.

Malami said the council received briefings from the chairman of INEC, the IGP and the CBN governor.

“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 preparations by INEC and the institutions.

“Two, relating to the naira re-designed 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 being made with regard to the supply of the naira in the system,” the AGF said.

When asked by Correspondents about the President’s response to the council’s suggestions, the Lagos State Governor, Babajide Sanwo-Olu, said it will be up to Buhari to decide “soon.”

Present were former Heads of State, General Yakubu Gowon and Abdulsalami Abubakar as well as former President Goodluck Jonathan.

Former President Olusegun Obasanjo joined the meeting virtually as only about 14 governors were present both physically and virtually with some represented by their deputies.

Also present were Vice President Yemi Osinbajo, The Attorney-General of the Federation and Minister of Justice, two former Chief Justices of Nigeria, a among others.


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