Council of State to CBN: Push out more new naira notes or recirculate old ones

President Buhari with L-R: Minister of Justice Abubakar Malami, Senate President Ahmed Lawan, Speaker Femi Gbajabiamila, Former Head of State Gen. Yakubu Gowon, Former Head of State Gen. Abdulsalam Abubakar and Former President Goodluck Jonathan during Council of State Meeting in State House on 10th Feb 2023

President Buhari with L-R: Minister of Justice Abubakar Malami, Senate President Ahmed Lawan, Speaker Femi Gbajabiamila, Former Head of State Gen. Yakubu Gowon, Former Head of State Gen. Abdulsalam Abubakar and Former President Goodluck Jonathan during Council of State Meeting in State House on 10th Feb 2023

Members of the Council of State have advised the Governor of Central Bank of Nigeria, CBN to make the newly introduced naira notes available to Nigerians or recirculate the old ones to end the suffering of Nigerians who have not been able to get the money from banks.

The Council of State members gave the advice at the end of their meeting in Aso Rock presidential villa presided over by President Muhammadu Buhari on Friday.

Godwin Emefiele, the governor of CBN governor also attended the meeting

The resolutions reached at the meeting was jointly revealed to journalists by Governors Darius Ishaku, Babajide Sanwo-Olu, and Abubakar Malami, the attorney-general of the federation and minister of justice.

According to them, while members of Council of State were in support of the naira redesign policy, the implementation has resulted in headaches for Nigerians.

They therefore advised CBN to bring out the old notes if it cannot print the new notes in a quantum that will meet the need of Nigerians.

“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,” Ishaku said.

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The meeting was also briefed by Mahmood Yakubu, chairman of the Independent National Electoral Commission (INEC), and Alkali Baba, the inspector-general of police (IGP), on preparations for the elections.

According to the Attorney General, the INEC Chairman assured that Nigeria is on course as far as election preparedness is concerned.

Commenting on their briefing, the attorney-general said: “We are on course as far as election preparedness is concerned.”

The hybrid meeting took place at the council chambers of the presidential villa, Abuja.

Yakubu Gowon and Abdulsalami Abubakar, former heads of state, were in attendance while former President Goodluck Jonathan was also present.

Former President Olusegun Obasanjo joined the meeting virtually.

Membership of the national council of state comprises the president, vice-president, secretary to the government of the federation, former presidents, former heads of state, former chief justices of Nigeria, senate president, house of representatives speaker, governors of the 36 states of the federation and the attorney-general of the federation.

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