Breaking: Council of State Backs Currency Swap, Wants Aggresive Implementation of Policy by CBN

*Satisfied with INEC, police preparations ahead of general election

Deji Elumoye in Abuja

The National Council of States (NCS) has backed the currency swap policy introduced by the Central Bank of Nigeria (CBN) but with a proviso that the old currency notes be allowed to circulate side by side the new notes.

Briefing newsmen after the maiden 2023 meeting of the Council presided over by President Muhammadu Buhari at the State House, Abuja on Friday, Governor Darius Ishaku of Taraba state said much as the CBN policy of the naira redesign stays, NCS advised the apex bank to recirculate old notes if it cannot print enough new notes and make them available to ease the economic tension.

Also speaking, Attorney General of the Federation and Minister of Justice, Abubakar Malami, told newsmen that the policy on Naira redesign policy,  stands adding however, that “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.”

He also disclosed that Nigeria is on course as far  as 2023 election is concerned, “and we are happy with the level of preparation by INEC and the institutions”.

Details later…