Council of State Backs CBN’s New Cashless Policy
The National Council of State has backed the redesigned naira Policy of the Central Bank of Nigeria (CBN).
The Council, however, urged the Central Bank of Nigeria (CBN) to either intensify the printing of new notes or recirculate the old ones to ease the hardship of Nigerians occasioned by the policy.
The Attorney-General of the Federation and Minister of Justice, Abubakar Malami; Governors Darius Ishaku of Taraba State and Babajide Sanwo-Olu of Lagos State, as well as the Special Adviser to the President on Media and Publicity, Femi Adesina, briefed State House reporters on the key issues after the council meeting at the Presidential Villa, Abuja.
Malami said the two major issues deliberated were the level of preparedness for the general elections and the new monetary policy of the Central Bank of Nigeria.
He said the Chairman of the Independent National Electoral Commission (INEC), Professor Mahmood Yakubu and the Inspector-General of Police (IGP), Alkali Baba, assured of adequate readiness for the elections.
His words: “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."
THEWILL reports that President Muhammadu Buhari, on Friday, presided over the National Council of States (NCS) meeting at the State House, Abuja.
The Council of state is an organ of the federal government saddled with the responsibility of advising the executive on policy making.
The meeting was attended by former Heads of State, Generals Yakubu Gowon and Abdulsalami Abubakar, as well as former President, Goodluck Jonathan.