Print more money or allow co-circulation, Council of State urges Buhari

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The Council of State has advised President Muhammadu Buhari to direct the Central Bank of Nigeria (CBN) to print more redesigned naira notes or allow the new and old banknotes to circulate concurrently to ease the tension caused by the scarcity of cash. The Council approved the naira redesign policy of the CBN but faulted its implementation.

Briefing State House Correspondents after the Council meeting chaired by the President, the Attorney General of the Federal, Abubakar Malami, who was flanked by Governor Darius Ishaku of Taraba State and Governor Babajide Sanwo-Olu of Lagos State, said that the Council illuminated the need for aggressive action by the CBN to ensure adequate supply of the naira in the system for proper implementation of the policy.

Echoing submissions by the Council, Governor Ishaku stated that it proffered a number of suggestions to the President, particularly on the currency swap challenge which dominated discussions, following a debriefing from the CBN Governor Godwin Emefiele, and expressed the hope Buhari will make a decision soon. On the 2023 elections, Malami also expressed the Council’s satisfaction with the level of preparation by the Independent National Electoral Commission (INEC) and other institutions.

Those who attended the Council meeting chaired by the President include the former presidents Goodluck Jonathan; Yakubu Gowon, and Abdulsalami Abubakar as well as ex-President Olusegun Obasanjo who attended virtually. Also present at the Chamber were the Vice President, Professor Yemi Osinbajo; the President of the Senate, Ahmad Lawan; Speaker of the House of Representatives, Femi Gbajabiamila.

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