At the end of the National Council of State (NCS) meeting held in Abuja on Friday, the Council has thrown its support behind the naira redesign policy recently introduced by the Central Bank of Nigeria (CBN), on the condition that the central bank either prints enough of the new naira notes or allows the old notes to coexist with the new ones.
The policy has been immersed in chaos due to poor circulation of the redesigned naira notes, which has been attributed to insufficient printing of the new naira notes.
The 2023 NCS meeting, which was presided over by President Muhammadu Buhari, and was graced by former presidents, including Goodluck Jonathan and Olusegun Obasanjo, was among other things, to deliberate on the policy, which has become a national concern.
Tekedia Mini-MBA edition 14 (June 3 – Sept 2, 2024) begins registrations; get massive discounts with early registration here.
Tekedia AI in Business Masterclass opens registrations here.
Join Tekedia Capital Syndicate and invest in Africa’s finest startups here.
Governor Darius Ishaku of Taraba state told newsmen after the meeting that as much as the Council is backing the policy, it would want the CBN to recirculate old notes if it cannot print enough new notes. He said the move will ease the economic tension created by the scarcity of the new naira notes.
Currently, the federal government is facing several lawsuits from states including Kogi, Kaduna, Ondo and Zamfara, seeking to stop the CBN from implementing the policy, at the Supreme Court. Though the lawsuit has been described as political, the states said they’re seeking to ameliorate the economic hardship the policy has unleashed in the country.
Speaking on the matter also, the Attorney General of the Federation and Minister of Justice, Abubakar Malami, acknowledged the need for aggressive action from the CBN, but said that the policy stands.
“The council agreed that there is need for aggressive action on the part of the CBN as it relates to the implementation of the policy by way of ensuring adequate provision being made with particular regard to the supply of the Naira in the system,” he said.
On Thursday, Malami said the federal government will obey the order of the Supreme Court, mandating the CBN and commercial banks to allow for transactions with the old naira notes pending the determination of the suit brought before it by the states on February 15.
The federal government has remained resolute in implementing the policy despite the hiccups that have characterized the currency swap exercise. However, it is not clear if there is going to be a change this time, following the NCS meeting.
Buhari had earlier said that the policy is for the economic benefit of the country, urging Nigerians to bear with the CBN as it makes efforts to ensure that it is successfully implemented.