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Print more new notes or recirculate old notes – Council of State tells CBN

The Council of State has thrown its weight behind the Naira Redesign policy of the Central Bank of Nigeria (CBN), with an advice for the apex bank governor, Godwin Emefiele, to make new Naira notes available or recirculate old banknotes to ease the suffering of Nigerians.

Speaking with State House correspondents after at the end of the Council meeting presided over by President Muhammadu Buhari on Friday, February 10, Governors of Taraba and Lagos States, Darius Ishaku Lagos and Babajide Sanwo-Olu respectively, alongside the Attorney General of the Federation and Minister of Justice, Abubakar Malami, said generally the policy was accepted by members of the Council but concerns were raised about its implementation.

Governor Ishaku said

The CBN was advised to make money available in quantum. The old money can also be recirculated to ease the suffering of the poorest of the poor.

On his part, Governor Sanwo-Olu, said at the meeting, the chairman of the Independent National Electoral Commission (INEC), Prof. Mahmood Yakubu, and Inspector General of Police, IGP Alkali Baba Usman, briefed the Council on a state of preparedness for the 2023 general elections, and assured that they were fully prepared for the exercise.

The meeting which lasted for over four hours at the Council Chambers of the Presidential Villa in Abuja, had in attendance former Heads of State and President, Gen. Yakubu Gowon (retd), Gen. Abdulsalami Abubakar (retd) respectively and Goodluck Jonathan, while former President Olusegun Obasanjo, joined the meeting online.

Two former Chief Justices of the Nigeria, Alfa Belgore and Mahmud Muhammad, were also in attendance.

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