Naira scarcity: Council of State asks CBN to print more notes or recirculate old ones

The Nigerian Council of State has asked the Central Bank of Nigeria (CBN) to print more new naira banknotes or begin recirculating old ones in order to ameliorate the suffering of Nigerians on account of scarcity of naira notes.

The Council, however, backed the naira redesign policy of the CBN, but advised Godwin Emefiele, governor of the bank, to make new notes available or recirculate old banknotes to ease the suffering of Nigerians.

Briefing State House correspondents at the end of the Council meeting, presided over by President Muhammadu Buhari on Friday, Darius Ishaku and Babajide Sanwo-Olu, governors of Taraba and Lagos states, respectively, alongside the Attorney General of the Federation and Minister of Justice, Abubakar Malami, said generally the policy was accepted by members of the Council but concerns were raised about its implementation.

Governor Ishaku said: “The CBN was advised to make money available in quantum. The old money can also be recirculated to ease the suffering of the poorest of the poor.”

Sanwo-Olu, on his part, said the chairman of the Independent National Electoral Commission (INEC), Prof. Mahmood Yakubu, and Inspector General of Police, IGP Alkali Baba Usman, briefed the Council on a state of preparedness for the 2023 general elections, and assured that they were fully prepared for the exercise.