By Olukayode Idowu
The National Council of State, Nigeria’s highest advisory organ which comprises of all former President, Heads of State, all governors and all heads of other arms of government rose from its emergency meeting on Friday, with a call on the Central Bank of Nigeria to begin the recirculation of old Naira notes or flood the country with the new notes.
The CBN in the last quarter of 2022, had introduced a slew of monetary policies, hinging them on the promotion of a cashless economy. He also announced the change in colour of N200, N500 and N1000 notes.
Nigeria has been tensed in the last few days as the deadline for the exchange of the old currency expired today. It took the Supreme Court’s interim injunction, issued on Monday, suspending the CBN’s deadline till February 15, 2023, when the substantive suit would be heard to calm some nerves.
The Council of State members gave the advice at the end of their meeting in Aso Rock presidential villa presided over by President Muhammadu Buhari on Friday.
Godwin Emefiele, the governor of CBN governor also attended the meeting.
The resolution reached at the meeting was jointly disclosed to journalists by Governors Darius Ishaku (Taraba), Babajide Sanwo-Olu (Lagos), and Abubakar Malami, the attorney-general of the federation and minister of justice.
According to them, while members of Council of State were in support of the naira redesign policy, the implementation has resulted in headaches for Nigerians.
They therefore advised CBN to bring out the old notes if it cannot print the new notes in a quantum that will meet the need of Nigerians.
“The CBN was advised to make money available in quantum. The old money can also be re-circulated to ease the suffering of the poorest of the poor,” Ishaku said.
The meeting was also briefed by Mahmood Yakubu, chairman of the Independent National Electoral Commission (INEC), and Alkali Baba, the Inspector-General of Police (IGP), on preparations for the elections.
According to the Attorney General, the INEC Chairman assured that Nigeria is on course as far as election preparedness is concerned.