The Council of State meeting, presided over by President Muhammadu Buhari has thrown its weight behind the new naira note policy but with a caveat that the Central Bank of Nigeria makes the new and old notes coexists.
Briefing state house journalists after the meeting, Governors of Lagos, Babajide Sanwo – Olu, Dirius Ishaku of Taraba, and Abubakar Malami, Minister of Justice and Attorney General of the Federation, revealed that the council advised the President to allow the old notes to co-exist with the new notes to ease the suffering of the masses.
Abubakar Malami while speaking on the outcome of the meeting, stated that it allowed for the accommodation of opinions from all the stakeholders, including former Nigerian leaders.
According to Malami, “ The two major resolutions that were driven arising from the deliberation of are; 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.
“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.”
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.”
Sanwo-Olu, on his part, asked Mahmood Yakubu, chairman of the Independent National Electoral Commission (INEC), and Inspector General of Police (IGP), to brief the council on the state of preparedness for the 2023 general elections and assured that they were fully prepared.
Malami said: “We are on course as far as election preparedness is concerned.”
President Mohammadu Buhari presides over Council of State meetings summoned to address the crises thrown up by the recent currency swap, amongst others.
The meeting was attended by Yakubu Gowon and Abdulsalami Abubakar, former Military heads of state, as well as former President Goodluck Jonathan.
Others include Ahmad Lawan, senate president and Femi Gbajabiamila, speaker of the House of Representatives
Former President Olusegun Obasanjo and some of the Governors are also attending the meeting virtually.
