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Council of state asks CBN to recirculate old naira — or print more new notes

Council of state asks CBN to recirculate old naira — or print more new notes
February 10
14:40 2023

Members of the council of state have expressed support for the naira redesign policy of the Central Bank of Nigeria (CBN).

The council however asked Godwin Emefiele, the CBN governor, to make new naira notes available or recirculate old notes to ease the suffering of Nigerians.

The meeting, held on Friday at the presidential villa, was presided over by President Muhammadu Buhari.

Darius Ishaku, governor of Taraba; Babajide Sanwo-Olu, governor of Lagos; and Abubakar Malami, attorney-general of the federation and minister of justice, jointly briefed state house correspondents on the outcome of the meeting.


They said although the council of state backed the CBN policy, the members expressed concerns about the implementation.

“The CBN was advised to make money available in quantum,” Ishaku said.

“The old money can also be recirculated to ease the suffering of the poorest of the poor.”


Mahmood Yakubu, chairman of the Independent National Electoral Commission (INEC), and Alkali Baba, the inspector-general of police (IGP), were also said to have briefed the council on preparations for the elections.

Commenting on their briefing, the attorney-general said: “We are on course as far as election preparedness is concerned.”

The hybrid meeting took place at the council chambers of the presidential villa, Abuja.

Yakubu Gowon and Abdulsalami Abubakar, former heads of state, were in attendance while former President Goodluck Jonathan was also present.


Former President Olusegun Obasanjo joined the meeting virtually.

Membership of the national council of state comprises the president, vice-president, secretary to the government of the federation, former presidents, former heads of state, former chief justices of Nigeria, senate president, house of representatives speaker, governors of the 36 states of the federation and the attorney-general of the federation.


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