By Business AM
- Charges CBN on aggressive circulation of currency
The National Council of States has declared its support for the federal government’s naira redesign policy, but tasked the Central Bank of Nigeria (CBN) to make new notes available or recirculate old naira notes to address the cash scarcity across the country.
The council, in a meeting presided over by President Muhammadu Buhari at the presidential villa in Abuja.
Addressing newsmen of the outcome of the meeting, Abubakar Malami , attorney-general of the federation and minister of justice, said one of the two major issues deliberated upon was the new monetary policy, including the re-designing of some categories of the naira.
“So by way of conclusion, 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,” he said.
The National Council of States is an organ of the Nigerian government with the power to advise the executive on policy making.
Membership of the Council includes the president, vice president, Secretary to the Government of the Federation, former presidents, former heads of state, former chief justices of Nigeria, President of the Senate, Speaker of the House of Representatives, governors of the 36 states of the federation and the Attorney General of the Federation.
The recent meeting was a hybrid event which was graced physically by former presidents,Yakubu Gowon, Abdulsalami Abubakar and Goodluck Jonathan, while Olusegun Obasanjo joined virtually.
