The National Council of State Friday endorsed the redesign of N1000, N500 and N200 banknotes by the Central Bank Nigeria (CBN).
At its meeting chaired by President Muhammadu Buhari, the National Council of State advised the CBN to be more aggressive in the implementation of the policy to reduce the hardship faced by citizens.
Attorney-General of the Federation and Minister of Justice, Mr Abubakar Malami, who briefed State House correspondents after the meeting, said the council also received briefings from the chairman of Independent National Electoral Commission (INEC) and the Inspector General of Police on the forthcoming general elections.
“The two major resolutions that were driven by the deliberations of the Council are one; that we are on course as far as the election is concerned and we are happy with the level of preparation by INEC and the institutions.
“And then two, relating to the Naira redesign policy, the policy stands but the Council agreed that there is need for aggressive action on the part of the Central Bank of Nigeria (CBN) as it relates to implementation of the policy by way of ensuring adequate provision being made with particular regards to the supply of the Naira in the system,” he said.
Aldo speaking, Governor Darius Ishaku of Taraba state said the Independent National Electoral commission and the Inspector General of Police gave details of the level of preparations for the 2023 general elections.
He said the Governor of the Central Bank gave details of the Naira redesign policy as well as the merits and demerits of the policy.
“The Governor of the Central Bank briefed us on the monetary change and issues that have arisen relating to that across the whole States of the Federation. He gave us the merits of that policy that is being implemented. What took more time was the monetary issue because of the scarcity of money in circulation but generally the view is that principally the policy was accepted.
“But the major issue is that of implementation so, many views were proffered particularly that the CBN Governor should look into making sure that the new money is available in quantum and there were suggestions too that if the new money is not enough or printing them could be difficult, the old currency could be recirculated or pumped into circulation to ease the tension particularly for the poor people in the society who will need a little money to buy their food or drugs on daily basis,” he said.
He said all deliberations at the council meeting were were advisory but the President would take the final decision.
Governor Babajide Sanwol-Ou of Lagos state assured that the President would take the right decision at the end of the day, for the benefit of all Nigerians.
“All we said or discussed were advisory and the President will retire back to his office and I think with all of this advice, the executive knows what to and as we move on, I’m sure the President will make his thoughts and views known to the nation,” he said.