The National Council of State has thrown its weight behind the Federal Government’s new monetary policy but, however, tasked the Central Bank of Nigeria (CBN) to take urgent steps to arrest the scarcity of cash across the nation.
The Council advised CBN governor, Mr. Godwin Emefiele, to make new Naira notes available or re-circulate old naira notes to ease the suffering of Nigerians.
Attorney-General of the Federation and Minister of Justice, Abubakar Malami accompanied by Governors Babajide Sanwo-Olu of Lagos State and Darius Ishaku of Taraba briefed reporters with presidential spokesman, Mr. Femi Adesina, on outcomes of the meeting.
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Disclosing the final resolutions of the meeting, the Attorney-General said the two major issues deliberated were the level of preparedness for the general elections, for which he said the Chairman of the Independent National Electoral Commission (INEC), Prof. Mahmood Yakubu and the Inspector-General of Police (IGP), Mr. Usman Alkali Baba, assured of adequate readiness for the conduct of the polls.
He said the briefing on the new monetary policy, including the re-designing of some categories of the naira, elicited reactions and opinions, adding that the conclusion was that the CBN should do more to ensure there is circulation of adequate cash in the system to alleviate the harsh realities trailing the policy.
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“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.