Council of State tells Central Bank of Nigeria to recirculate old naira notes or print more new notes

As Nigerians continue to endure the squeeze of the scarcity of naira notes, the Council of State has given their tacit support for the naira redesign policy of the Central Bank of Nigeria (CBN).

But the council asked Governor of the Central Bank of Nigeria, Godwin Emefiele, to ensure the availability of  the new naira notes or recirculate the old naira notes to reduce the suffering and plight of Nigerians.

The council members made these resolutions at a meeting, held on Friday at the presidential villa, which was presided over by President Muhammadu Buhari.

Governor of Taraba; Darius Ishaku, Governor of Lagos Babajide Sanwo-Olu and Attorney-General of the federation and minister of justice, Abubakar Malami, who jointly briefed state house correspondents on the outcome of the meeting,  said although the council of state backed the CBN policy, the members expressed concerns about the implementation.

“The CBN was advised to make money available in quantum,” Ishaku said.

“The old money can also be recirculated to ease the suffering of the poorest of the poor.”

Chairman of the Independent National Electoral Commission (INEC) Mahmood Yakubu and Inspector-general of police (IGP), Alkali Baba were also said to have addressed the council on preparations for the forthcoming general elections.

Speakng on their briefing, Malamil said: “We are on course as far as election preparedness is concerned.”

Former heads of state, Yakubu Gowon and Abdulsalami Abubakar, physically attended the meeting, alongside former President Goodluck Jonathan.

Former president Olusegun Obasanjo joined the meeting virtually.