Council Of State Gives Vent To Naira Redesign Policy But, With A Caveat

The Council of State on Friday rose from a crucial meeting giving backing to the new currency redesign policy of the Federal Government upon the advice of the Central Bank of Nigeria (CBN).

The meeting of the Council was aimed at ensuring the availability of the Naira notes to enable Nigerians have access to it with a view to ameliorate the hardship being experienced by citizens as well as help douse tension being generated across parts of the country.

Briefing State House correspondents on the outcome of the meeting in Abuja, the Attorney General of the Federation and Minister of Justice, Abubakar Malami, who was accompanied by 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, Mr. Femi Adesina, said that the Council agreed that the Naira redesign policy stands.

Malami however, said that the Council in its wisdom 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 Attorney General of the Federation also said that the Council is happy with the fact that the 2023 elections is on course and is also happy with the level of preparation by INEC and the institutions.

In the words of Malami; “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,” he said on the conditional backing of the naira redesign policy by the Council of State.