Council of State to CBN: Print more Naira notes or recirculate old ones

The Naira redesign policy of the Central Bank of Nigeria (CBN) received a major boost on Friday.
Nigeria’s highest advisory organ, the
National Council of State, declared that the policy “is in national interest”.
It, however, advised the CBN to print more new notes or recirculate the old notes “to alleviate Nigerians’ suffering”.

The four-hour hybrid meeting, presided over by President Muhammadu Buhari, was held at Aso Rock Villa, Abuja.
The Council of State is an organ of the Federal Government which advises the executive on key policies.
It comprises the President as chairman, Vice President (deputy chairman), all living former Presidents and Heads of State, President of the Senate, Speaker of the House of Representatives, all 36 governors and Minister of Justice and Attorney-General of the Federation.

The country’s highest advisory organ also insisted that the general elections will hold as scheduled based on the​​ readiness of the Independent National Electoral Commission (INEC) and the Nigeria Police Force (NPF).
The Minister of Justice and Attorney-General of the Federation, Abubakar Malami (SAN), disclosed this to State House correspondents after the meeting.
Malami said the council received briefing from the chairman of INEC, Prof. Mahmoud Yakubu, the Inspector General of Police (IGP), Usman Baba Alkali and the CBN Governor, Godwin Emefiele.
“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-design 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 AGF said.
When asked about President Muhammadu Buhari’s response to the council’s suggestions, the Lagos State Governor, Babajide Sanwo-Olu, said it would be up to Buhari to decide “soon.”

Present were former Heads of State, General Yakubu Gowon and Abdulsalami Abubakar, former President Goodluck Jonathan, Vice President Yemi Osinbajo (SAN), two former Chief Justices of Nigeria (CJNs), Senate President, Ahmad Lawan, Speaker of the House of Representatives, Femi Gbajabiamila, Secretary to the Government of the Federation (SGF), Boss Mustapha and Head of Service, Mrs. Folasade Esan.
Former President Olusegun Obasanjo joined the meeting virtually as only about 14 governors were present both physically and virtually with some represented by their deputies.