Council of State gives conditional backing to CBN on naira redesign, cashless policy

By Egena Sunday Ode

The National Council of State (NCS) rose from a marathon meeting on Friday with an endorsement of controversial naira redesign and cashless policy initiated by the Central Bank of Nigeria.

The council said in a resolution at the end of the meeting that the CBN should however, endeavour to inject more naira notes into circulation in order to assuage the suffering of the citizens.

It also noted that the relevant agencies of government, including the police and the Independent National Electoral Commission, INEC, were on course with respect to the fast approaching general elections.

“The two major resolutions that were driven arising from the deliberation are 1; 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.

“2; relating to the Naira redesign policy, the policy stands but then the council agreed that there is need for aggressive action on the part of the CBN as it relates to the implementation of the policy by way of ensuring adequate provision being made with particular regard to the supply of the Naira in the system.”

According to the Attorney General of the Federation and Minister of Justice, Abubakar Malami who read the two point resolution to newsmen, council received comprehensive briefings from the CBN Governor, Godwin Emefiele INEC boss, Prof.Mahmood Yakubu and the Inspector General of Police, Usman Alkali Baba before arriving at the decisions.

Before Malami read out the resolutions, Governor Darius Ishaku of Taraba State and his Lagos counterpart, Sanwoolu had spoken on the presentations by the CBN and INEC bosses as well as the IGP to the council stating that suggestions made by consequently were purely advisory.

According to the Taraba governor, council advised the CBN to consider allowing the old naira notes to co-exist with the new notes if the supply of the new notes still posed any challenges.

Recall that the CBN had extended the timeline for the withdrawal of the old naira notes by 10 days to end today, following public outcry that attended its initial three months deadline.

Former President Good luck Jonathan and two former heads of state, General Yak,ubu Gowon and General Andulsalami Abubakar physically attended the meeting at the Aso Rock Presidential Villa Abuja, while Former President Olusegun Obasanjo participated virtually.