Print more new notes or recirculate the old Naira notes— Council of State tells CBN 

Members of the council of state have expressed support for the naira redesign policy of the Central Bank of Nigeria (CBN).

The council however asked Godwin Emefiele, the CBN governor, to make new naira notes available or recirculate old naira notes to ease the suffering of Nigerians.

The meeting, held on Friday at the presidential villa, was presided over by President Muhammadu Buhari.

Disclosing the final resolutions of the meeting, Malami said the two major issues deliberated were the level of preparedness for the general elections, for which he ssid the Chairman of the Independent National Electoral Commission (INEC), Professor Mahmood Yakubu, and the Inspector-General of Police (IGP), Alkali Baba assured of adequate readiness.

He said the briefing on the new monetary policy, including the re-designing of some categories of the naira, elicited reactions and opinions, adding that the conclusion was that the CBN should do more to ensure there is circulation of adequate cash in the system to alleviate the harsh realities trailing the policy. 

“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,” he said.