Buhari, Council of State Backs New cash Policy
The National Council of State has endorsed the Federal Government’s new monetary strategy and tasked the Central Bank of Nigeria (CBN) with taking immediate action to end the nation’s cash shortage.
To alleviate the pain of Nigerians, CBN Governor Godwin Emefiele was asked to make new naira notes available or recirculate old naira notes.
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Abubakar Malami, Attorney-General of the Federation and Minister of Justice, along with Governors Babajide Sanwo-Olu (Lagos) and Darius Ishaku (Taraba), briefed newsmen alongside presidential spokesman Femi Adesina on the meeting’s outcomes.
Malami disclosed the meeting’s final resolutions, stating that the two major issues discussed were the level of preparedness for the upcoming general elections, for which he stated that the Chairman of the Independent National Electoral Commission (INEC), Professor Mahmood Yakubu, and the Inspector-General of Police (IGP), Alkali Baba assured adequate readiness.
He stated that the briefing on the new monetary policy, which included the re-designing of some categories of the naira, elicited reactions and opinions, adding that the conclusion was that the CBN should do more to ensure adequate circulation of cash in the system in order to mitigate the harsh realities resulting from the policy.
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“In conclusion, the two important resolutions that emerged from the Council’s deliberations indicate that we are on track with regard to the elections and that we are pleased with the degree of preparation by INEC and the institutions.
“Two, with regard to the redesigned naira policy, the policy remains in place, but the Council decided that the Central Bank must take aggressive steps to implement the policy by ensuring enough provision is made for the naira supply in the system,” he said.
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