…Allow old, new notes to co-exist – NASS
The National Council of State Friday endorsed the redesign of the N1000, N500 and N200 banknotes by the Central Bank Nigeria (CBN). It however called for urgent measures in arresting the current tension being experienced by citizens in accessing the new notes.
At its meeting chaired by President Muhammadu Buhari, the National Council of State advised the CBN to be more aggressive in the implementation of the policy to reduce the hardship faced by citizens.
The Attorney-General of the Federation and Minister of Justice, Mr Abubakar Malami, who briefed State House correspondents after the meeting, said the council also received briefings from the chairman of Independent National Electoral Commission (INEC) and the Inspector General of Police on the forthcoming general elections.
“The two major resolutions that were driven by the deliberations of the Council are one; that we are on course as far as the election is concerned and we are happy with the level of preparation by INEC and the institutions.
“And then two, relating to the Naira redesign policy, the policy stands but the Council agreed that there is need for aggressive action on the part of the Central Bank of Nigeria (CBN) as it relates to implementation of the policy by way of ensuring adequate provision being made with particular regards to the supply of the Naira in the system,” he said.
Tasks CBN on new notes
Also speaking, Governor Darius Ishaku of Taraba state said the Independent National Electoral Commission and the Inspector General of Police gave details of the level of preparations for the 2023 general elections.
He said the Governor of the Central Bank gave details of the Naira redesign policy as well as the merits and demerits of the policy.
“The Governor of the Central Bank briefed us on the monetary change and issues that have arisen relating to that across the whole States of the Federation. He gave us the merits of that policy that is being implemented. What took more time was the monetary issue because of the scarcity of money in circulation but generally the view is that principally the policy was accepted.
“But the major issue is that of implementation so, many views were proffered particularly that the CBN Governor should look into making sure that the new money is available in quantum and there were suggestions too that if the new money is not enough or printing them could be difficult, the old currency could be re-circulated or pumped into circulation to ease the tension particularly for the poor people in the society who will need a little money to buy their food or drugs on daily basis,” he said.
He said all deliberations at the council meeting were advisory but the President would take the final decision.
Governor Babajide Sanwol-Ou of Lagos state assured that the President would take the right decision at the end of the day, for the benefit of all Nigerians.
“All we said or discussed were advisory and the President will retire back to his office and I think with all of this advice, the executive knows what to do as we move on. I’m sure the President will make his thoughts and views known to the nation,” he said.
Allow old- new notes’ coexistence – NASS
In a related development, the leadership of the National Assembly said Friday that there was the need for the Central Bank of Nigeria (CBN) to allow the old and new currencies to be used concurrently.
President of the Senate Ahmed Lawan said this while fielding questions from State House correspondents after a meeting with President Muhamamdu Buhari along with the Speaker of House of Representatives Mr Femi Gbajabiamila.
He said doing so would reduce the hardship currently being faced by citizens in accessing the new banknotes.
“For us in the Senate, initially we felt that this policy is not a bad policy but we are also feeling that there is no need for any time limit; allow the old and the new to co-exist until the old is phased out.
“this is not going to be the first country to do it that way. Other countries have been doing it that way. To say that in three months it will be okay, it is not okay. Especially in a country like ours where 80-90 percent of the population have no access to banks,” he said.
He said now is the time to take a decision on the matter and have a second look at its mode of implementation.
“We had a private audience with the President after the Council of State meeting where we informed him in detail the resolutions of the two chambers of the National Assembly with respect to the redesign of our currency and the crisis of exchange or swap of the old currency with the new one.
“It is a known fact to everyone how life has been so difficult for the majority of Nigerians especially the most ordinary Nigerians across the country and we felt that this is the time to take a decision that will ease the problems Nigerians are facing with respect to this,” he said.
He said there was the need to endure that any policy introduced by the federal government has a human component that would make it friendly to the livelihood of the people.
