The National Council of State has sanctioned the naira redesign policy of the federal government but advised the Central Bank of Nigeria (CBN) to ensure the availability of notes to douse tension and ameliorate suffering of citizens across the country.
The attorney general of the federation and minister of justice, Mr. Abubakar Malami, disclosed this to journalists after the national council’s meeting at the State House, Abuja.
Joined in the media briefing by the governors of Taraba and Lagos States, Darius Ishaku and Babajide Sanwo-Olu respectively, as well as the spokesman for the president, Mr. Femi Adesina, the attorney general said generally the policy was accepted by members of the Council but concerns were raised about its implementation.
He said the council supported the policy but charged the central bank to do more to make the new naira notes available across the country.
“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.
“The CBN was advised to make money available in quantum. The old money can also be re-circulated to ease the suffering of the poorest of the poor,” he said.
Malami did not, however, say whether the council called for an extension of the 10 February deadline for the use of the old naira notes.
The meeting was presided over by President Muhammadu Buhari and attended by at least four former Nigerian leaders.
The council of state is an organ of the Federal Government of Nigeria which advises the executive on key policy making.
It comprises the president as chairman, vice president (deputy chairman), all living former presidents and heads of state, the president of the senate, speaker of the house of representatives, all the 36 state governors and minister of justice and attorney-general of the federation.
