Council Of State Backs CBN’s New Cashless Policy

The Council of State meeting, presided over by President Muhammadu Buhari on Friday, gave their support to the naira redesign policy by the Central Bank of Nigeria.

The support however came with a caveat that the CBN governor, Godwin Emefiele, made new Naira notes available or recirculate the old notes to ease the suffering of Nigerians.

The hybrid meeting which lasted for over four hours at the Council Chambers, Presidential Villa, Abuja, had in attendance former heads of state and president Gen. Yakubu Gowon (retd), Gen. Abdulsalami Abubakar (retd) and Goodluck Jonathan, while former President, Olusegun Obasanjo, joined the meeting online.

Two former Chief Justice of the Federation, Alfa Belgore and Mahmud Muhammad, were also in attendance.

Jointly briefing State House correspondents at the end of the meeting, Governors of Taraba, Darius Ishaku; Lagos State governor, Babajide Sanwo-Olu; and the Attorney General of the Federation and Minister of Justice, AGF Abubakar Malami, said generally the policy was accepted by members but raised concerns about the implementations.

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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 that Chairman of the Independent National Electoral Commission (INEC), Mahmood Yakubu, and Inspector General of Police (IGP), briefed the council on a state of preparedness for the 2023 general elections, and assured that they were fully prepared.

Malami said, “We are on course as far as election preparedness is concerned.”