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Council of State asks CBN to recirculate old notes

The Central Bank of Nigeria’s redesign of the naira has been backed by the Natiional Council of State.

However, to alleviate Nigerians’ suffering, the council urged CBN Governor Godwin Emefiele to issue new notes or recirculate old ones (N10, N50. N100).

The naira redesign policy has received both support and criticism from various stakeholders.

Supporters argue that the new design has improved the security of the currency and made it more difficult for counterfeiters to produce fake notes. Critics, on the other hand, argue that the cost of implementing the new design was high and that many small businesses and individuals faced difficulties in adapting to the new notes.

President Muhammadu Buhari, on Friday, held a meeting with the Council to address the crisis affecting the naira redesign and the currency swap.

The meeting was chaired by the President with former Presidents Goodluck Jonathan; Yakubu Gowon, and Abdulsalami Abubakar.

Briefing newsmen after the meeting, the Minister of Justice, Alhaji Abubakar Malami, the Governors of Taraba State, Mr. Darius, and his Gombe State counterpart, Alhaji Inuwa Yahaya, said the policy was apt, arguing however that the implementation needs a seamless approach devoid of tension and suffering.

The Council also adopted the presentation made by Chairman of the Independent National Electoral Commission, INEC, about the level of the Commission’s preparedness to conducting the forthcoming general elections.

Inspector General of Police, IGP Alkali Baba, also said the Force was prepared for the polls. 

Present at the meeting are the Vice President, Professor Yemi Osinbajo; the President of the Senate, Ahmad Lawan; and Speaker of the House of Representatives, Femi Gbajabiamila.

Governors in attendance are Nasir El-Rufai (Kaduna), Darius Ishaku (Taraba), Babajide Sanwo-Olu (Lagos), and Babagana Zulum (Borno). Other governors that are virtually in attendance are Ademola Adeleke (Osun), Abubakar Badaru (Jigawa), Yahaya Bello (Kogi), Atiku Bagudu (Kebbi), Dapo Abiodun (Ogun), Aminu Tambuwal (Sokoto), Simon Lalong (Plateau) and the Deputy Governors Nasarawa state and Bauchi state.

Writing by Julian Osamoto, Bello Wakili, Abdallah Bello, Editing by Adeniyi Bakare and Saadatu Albashir