Business and Economy

Print More of the New Naira Notes or Allow Co-Circulation of Old and New Notes- Council of State to Buhari and Emefiele

The Council of State met yesterday at the Presidential Villa and at the conclusion of the meeting requested that the President and the CBN Governor consider allowing the interim circulation of the old and new naira notes if the Central Bank of Nigeria is unable to quickly make the new notes available to the public.

The meeting, which also included the Vice President, Professor Yemi Osinbajo, former President Goodluck Jonathan, former Head of State, Abdulsalami Abubakar, and General Yakubu Gowon, gave the Federal Government’s naira redesign program support. Former president President Olusegun Obasanjo participated virtually.

The Vice President, Professor Yemi Osinbajo, the President of the Senate, Ahmad Lawan, and the Speaker of the House of Representatives, Femi Gbajabiamila, were all in the chamber as well.

Nasir El-Rufai of Kaduna, Darius Ishaku of Taraba, Babajide Sanwo-Olu of Lagos, and Babagana Zulum were among the governors present (Borno). Ademola Adeleke (Osun), Abubakar Badaru (Jigawa), Yahaya Bello (Kogi), Atiku Bagudu (Kebbi), Dapo Abiodun (Ogun), Aminu Tambuwal (Sokoto), Simon Lalong (Plateau), and the deputy governors of Nasarawa and Bauchi states were among the other governors who virtually attended.

The meeting was also attended by the Attorney General of the Federation and Minister of Justice, Abubakar Malami, the Minister of the Federal Capital Territory (FCT), Mohammed Bello, the Secretary to the Government of the Federation, Boss Mustapha, and the Governor of the Central Bank of Nigeria, Godwin Emefiele. Mahmood Yakubu, the INEC Chairman, who was physically present, gave a briefing to the Council on preparations for the elections. Additionally present were all Service Chiefs and the heads of the security services.

After the Council meeting, which was presided over by the President, Attorney General of the Federal, Abubakar Malami, briefed reporters at State House. He was joined by Taraba State Governor Darius Ishaku and Lagos State Governor Babajide Sanwo-Olu. The Council highlighted the need for aggressive action by the CBN to ensure adequate supply of the naira in the system for proper implementation of the policy.

Following a debriefing from the CBN Governor Godwin Emefiele, Governor Ishaku echoed the Council’s submissions and said that it had made a number of recommendations to the President, particularly on the currency swap challenge that had dominated discussions.

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