Print more naira notes or recirculate old 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.

The Minister of Justice and Attorney-General of the Federation, Abubakar Malami, disclosed this to State House Correspondents after the four-hour hybrid meeting at the Aso Rock Villa, Abuja.

Malami said the council received briefing from the chairman of INEC, the IGP and Governor of the CBN

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.

When asked by our correspondent about the President’s response to the council’s suggestions, the Lagos State Governor, Babajide Sanwo-Olu, said it will be up to Buhari to decide “soon”.

Present were former Heads of State, General Yakubu Gowon and Abdulsalami Abubakar as well as former President Goodluck Jonathan.

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.

Also present were Vice President Yemi Osinbajo, The Attorney-General of the Federation and Minister of Justice, two former Chief Justices of Nigeria, amongst others.

The Council of State is an organ of the Federal Government of Nigeria which advises the executive on key policies.

It comprises the President as chairman, the Vice President Yemi Osinbajo (deputy chairman), all living former Presidents and Heads of State, President of the Senate, Ahmed Lawan, Speaker of the House of Representatives, Femi Gbajabiamila, all the 36 state governors and Minister of Justice and Attorney-General of the Federation, Abubakar Malami