Members of the National Council of State (NCS) are backing the Naira redesign policy of the Central Bank of Nigeria (CBN), while asking the apex bank to do more to ameliorate the cash crunch currently plaguing the country.
The council asked CBN Governor Godwin Emefiele to make more new Naira notes available or recirculate old Naira notes, to ease the hardship on Nigerians.
The meeting which held on Friday at the Presidential Villa, was presided by President Muhammadu Buhari.
Governor of Taraba State, Darius Ishaku; Governor of Lagos, Babajide Sanwo-Olu; and Attorney General of the Federation, Abubakar Malami; jointly briefed State House correspondents on the outcome of the meeting.
Members of the Council expressed reservations over the implementation of the Naira redesign policy that has led to scarcity of cash, long queues in and outside banks and protests across the country.
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“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.”
AGF Malami said: “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 preparation 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.”
When asked about the President’s response to the council’s suggestions, Lagos Governor Sanwo-Olu said it will be up to Buhari to decide “soon.”
Former Presidents Yakubu Gowon, Abdulsalami Abubakar and Goodluck Jonathan attended the physical meeting, while ex-President Olusegun Obasanjo joined virtually.
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Nigeria’s Council of State is the nation’s highest advisory organ and comprises the President, Vice-President, Secretary to the Government of the Federation, former Presidents, former Heads of State, former Chief Justices of Nigeria, Senate President, House of Representatives Speaker, Governors of the 36 states of the Federation and the Attorney-General of the Federation.