UPDATED: Council of state backs Naira redesign policy

The National Council of State on Friday threw its weight behind the federal government’s naira redesign policy with a call on the Central Bank of Nigeria (CBN) to ensure adequate supply of cash.

The Attorney General of the Federation and Minister of Justice, Abubakar Malami, revealed this while briefing correspondents at the end of the council meeting at the Presidential Villa, Abuja.

He said it is part of the two major resolutions reached by the council, the other being that the country is on course for the conduct of the general elections.

He said: “The two major resolutions that were driven arising from the deliberation of 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 redesign policy, the policy stands but then the council agreed that there is need for aggressive action on the part of the CBN as it relates to the implementation of the policy by way of ensuring adequate provision being made with particular regard to the supply of the Naira in the system.”
Expatiating on the resolutions, Governor Darius Ishaku of Taraba State said that the council advised the federal government to allow old unchanged notes to circulate if there is difficulty printing new ones to ameliorate the hardship faced by Nigerians.

The governor affirmed that the most lengthy deliberation of the council was on the issue of cash scarcity, noting that the Council advised the CBN governor, Godwin Emefiele, to make the new re-designed naira available by printing more or where there is difficulty in printing new notes, the apex bank should re-circulate the old notes.

He explained: “The INEC Chairman briefed the Council of State on their preparedness for the election on the 25th of this month and that of the 11th of next month that they are fully prepared. Also, Inspector-General of Police briefed Council that they are equally prepared for the election and both of them gave us the details of their preparedness.

“Lastly was the Governor of the Central Bank, who briefed us on the monetary change and the monetary issues that have arisen across the whole states in the Federation and gave us the merits of that policy that was implemented.

“Basically, what took more time was that of the monetary issue because of the hardship of money in circulation across the whole states. Generally, the view across the board is that principally the policy is accepted.

“Just like any new policy or any new change, at the beginning people resist it, even though it’s good, but generally it’s accepted.

“But the major issue across board, from all the states and most of the speakers, 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.

“There were suggestions too that if the new money is not in circulation or printing them could be difficult, the old money that hasn’t been changed could be re-circulated and pumped into circulation to ease the tension, particularly for the poor people in our society, who’ll just need a little sum of money to buy their food, buy their drugs, for daily basis and they cannot even afford it.

“So, the pains and the sentiments and the sentiments across the country are being expressed by different governors, my colleagues and I think, collectively, all these ideas, Mr. President was present, is to proffer solutions and advices to Mr. President and he was there physically, he was present. So, I’m sure that after this meeting, a lot of things will be done, particularly in easing the monetary tension in the society.”

While speaking separately to correspondents Senate President, Ahmad Lawan, stressed the stance of the National Assembly to the effect that there should be no cap on the currency swap policy.

“For us in the Senate, initially we felt that this policy, in the first place, is not a bad one, but we also feel there is no need for time limit. Allow the old and the new to co-exist until the old is phased out. So, what is wrong in that? This is not going to be the first country to deploy it that way, other countries have been doing the same thing and to say that in three months it will be okay, it is not okay.

“Especially in a country like ours, where maybe 80, 85, 90 percent of the population have no access to banks.

“When Britain changed their currency, it took them over year to change and the validity of the old remains and remains a legal tender, so why ours? We are not cashless yet and that society is cashless already and they needed even more time.

“So, we should have an open-ended time, but what will make it quick is for us to have more and more of the new currencies and then they co-exist with the old ones until the old dies a natural death,” he said.

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