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Friday, February 10, 2023

Council of State to CBN: Print more notes, allow old note circulation - ITREALMS

ITREALMS ... making leadership SENSE with digital news!

The first meeting of the National Council of State ended on Friday at the Federal Capital Territory (FCT) with a directive to the Central Bank of Nigeria (CBN) to print more new naira notes and make same available to Nigerians to alleviate the current currency scarcity in the country, reports 
Also, CBN was advised to allow the circulation of the old naira notes to continue.

Briefing state house correspondents, the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, in company of Governors Babajide Sanwo-Olu of Lagos, and Darius Ishaku of Taraba alongside the Presidential Spokesman, Femi Adesina, said the two major issues deliberated on were the level of preparedness for the general elections and the re-design of some naira notes.

Malami revealed that the Chairman of the Independent National Electoral Commission (INEC), Prof. Mahmood Yakubu, and the Inspector-General of Police (IGP), Alkali Baba, assured of adequate preparation for the elections.

On the new monetary policy, he said, it elicited some reactions, stressing that the conclusion was that the CBN should print more to ensure there is circulation of adequate cash in the system to alleviate the hardship trailing the policy.

“So by way of conclusion, the two major resolutions 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 redesign 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 with regard to the supply of the naira in the system,” he said.

*Chuks Egbune | Uboshe Uboshe/Editor

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