Make new notes available or re-circulate old naira, Council of State tells CBN

The Council of State has backed the new currency redesign policy but advised the Central Bank of Nigeria (CBN) to ensure the availability of naira notes to douse tension and ameliorate suffering of citizens across the country.

The Attorney General of the Federation and Minister of Justice, Abubakar Malami, Governors Darius Ishaku of Taraba State and Babajide Sanwo-Olu of Lagos State, as well as the Special Adviser to the President on Media and Publicity, Femi Adesina, briefed State House reporters on the key issues after the council meeting at the Presidential Villa, Abuja.

Malami, who gave a summary of the meeting, said: “So, by way of conclusion, the two major resolutions that were driven, arriving from the deliberations of the Council, 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 re-designed 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 being made with regard to the supply of the naira in the system.”