The Council of State has approved the Naira redesign policy.
In a meeting held in Abuja on Friday, February 10, the council advised President Muhammadu Buhari to direct the Central Bank of Nigeria (CBN) to make new Naira notes available or recirculate the old notes to ease tension caused by scarcity of cash.
The meeting was presided over by Buhari and had in attendance former heads of state and president Gen. Yakubu Gowon (retd), Gen. Abdulsalami Abubakar (retd) and Goodluck Jonathan, while former President, Olusegun Obasanjo, joined the meeting online.
Two former Chief Justice of the Federation, Alfa Belgore and Mahmud Muhammad, were also in attendance.
Jointly briefing State House correspondents at the end of the meeting, Governors of Taraba, Darius Ishaku , Lagos, Babajide Sanwo-Olu, and the Attorney General of the Federation and Minister of Justice, AGF Abubakar Malami, said generally the policy was accepted by members but raised concerns about the implementations.
“The CBN was advised to make money available in quantum. The old money can also be recirculated to ease the suffering of the poorest of the poor,” Ishaku said.
