The new Naira Policy of the Central Bank received support from the National Council of State on Friday in Abuja.
In order to lessen the suffering caused by the policy, it suggested President Muhammadu Buhari and the head of the central bank, Godwin Emefiele, to either increase the production of new notes or circulate the existing ones. Malami said that the IGP, the CBN Governor, and the INEC Chairman briefed the council.
“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”, the AGF said.
Lagos State Governor Babajide Sanwo-Olu said the President will decide “soon” in response to the council’s recommendations.
Along with former President Goodluck Jonathan, previous Heads of State General Yakubu Gowon and Abdulsalami Abubakar were there.
There were only approximately 14 governors present both physically and virtually, some of them were represented by their deputies. Former President Olusegun Obasanjo joined the conference digitally. Vice President Yemi Osinbajo, the Attorney General and Minister of Justice of the Federation, as well as two past Chief Justices of Nigeria, were also in attendance.
The Nigerian Federal Government’s Council of State is a body that provides advice to the executive on important matters.
Its members include the President, who serves as chairman, Vice President Yemi Osinbajo, who serves as deputy chairman, all currently residing former Presidents and Heads of State, Senate President Ahmed Lawan, House of Representatives Speaker Femi Gbajabiamila, all 36 state governors, and Attorney General of the Federation Abubakar Malami.
