By Marvellous Nyang
The National Council of State (NCS) has declared its support for the naira redesign policy of the Central Bank of Nigeria (CBN) as approved by the Federal Government.
However, to ease the scarcity challenges of the redesigned naira, the Council of State also resolved that the old notes should be allowed to circulate side-by-side with the new notes.
The first meeting of the Council for 2023 was held on Friday, February 10, and was presided over by President Muhammadu Buhari at the State House, Abuja.
Governor Darius Ishaku of Taraba State, briefing newsmen after the meeting said the Council resolved that the CBN policy of the naira redesign should stay, while it advised the apex bank to recirculate old notes to cushion the effect of the scarcity if it cannot print enough new notes and make them available to ease the economic tension.
The Attorney General of the Federation (AGF) and Minister of Justice, Abubakar Malami, also corroborated Ishaku as he also told newsmen that the policy on naira redesign stands.
He added that “the Council agreed that there is a 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 also disclosed that Nigeria is on course as far as the 2023 election is concerned, “and we are happy with the level of preparation by INEC and the institutions.”
“Relating to the Naira redesign policy, the policy stands but then the council agreed that there is a 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,” Malami said.