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Council of State Backs New Cash Policy, Tells CBN to Ensure Adequate Supply of Naira or Recirculate Old Notes

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The National Council of State has backed the Federal Government’s new monetary policy, but tasked the Central Bank of Nigeria (CBN), to take urgent steps to arrest the scarcity of cash across the nation.

CBN Governor, Godwin Emefiele, was advised to make new naira notes available or recirculate old naira notes to ease the suffering of Nigerians.

Attorney-General of the Federation and Minister of Justice, Abubakar Malami, accompanied by Governors Babajide Sanwo-Olu (Lagos) and Darius Ishaku (Taraba), briefed reporters with the presidential spokesman, Femi Adesina, on the outcome of the meeting.

Disclosing the final resolutions of the meeting, Malami said the two major issues deliberated were the level of preparedness for the general elections, for which he said the Chairman of the Independent National Electoral Commission (INEC), Pro. Mahmood Yakubu and the Inspector-General of Police (IGP), Alkali Baba, assured of adequate readiness.

He said the briefing on the new monetary policy, including, 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 there is a circulation of adequate cash in the system to alleviate the harsh realities trailing the policy.

“So by way of conclusion, 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,” he said.

The meeting, which was presided over by President Muhammadu Buhari, was attended by former Heads of State Gen. Yakubu Gowon (retd), Gen. Abdulsalami Abubakar (retd) as well as former Presidents Dr. Goodluck Jonathan, and Chief Olusegun Obasanjo, who joined online.


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