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 hybrid meeting took place at the council chambers of the presidential villa, Abuja. The meeting had in attendance Gen. Yakubu Gowon (retd), Gen. Abdulsalami Abubakar (retd) and Goodluck Jonathan, while former President, Olusegun Obasanjo, joined the meeting online.
The Council advised the President, Major General Muhammadu Buhari (retd.), and the apex bank chief, Godwin Emefiele, to either intensify the printing of new notes or recirculate the old ones to ease the hardship of Nigerians occasioned by the policy.
The Minister of Justice and Attorney-General of the Federation, Abubakar Malami, disclosed this to State House correspondents after the four-hour meeting.
“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,” the AGF said.
Also present were Vice President Yemi Osinbajo, Governor of the CBN, two former Chief Justices of Nigeria, about 14 governors who were present both physically and virtually with some represented by their deputies.