UPDATED: Print New Notes Or Release Old Naira – State Council

The Council of State has urged the Federal Government and the Central Bank of Nigeria (CBN) to either print more new Naira notes or recirculate the old banknotes.

Members of the Council of State, which advises government on key policies, are former Presidents and Heads of State, Senate President, Ahmed Lawan, House of Representatives Speaker, Femi Gbajabiamila, all 36 state governors, as well as the Minister of Justice and Attorney-General of the Federation, Abubakar Malami. 

The Council of State is led by the President as chairman and the Vice President, Yemi Osinbajo, as deputy chairman. The meeting was held for four hours on Friday, 10 January, 2023. 

After the meeting, they informed the press that the central bank and FG have been told to reconsider their position on the implementation of the Naira redesign policy. 

Prime Business Africa learnt that the council of state backed the CBN Naira redesign policy, but said to solve the scarcity of N200, N500 and N1,000 banknotes, the apex bank should consider increasing the availability of the new banknotes by printing more or allowing commercial banks to continue to disburse old Naira notes. 

Addressing the press, Malami said: “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 decision of the council of state comes after five state governments sued the Federal Government over the unrest and negative economic impact the CBN’s Naira redesign policy has caused. 

The governments of Kaduna, Zamfara and Kogi States jointly sued FG, demanding the Supreme Court order the suspension of the Naira redesign policy due to the hardship it has caused their citizens. 

The apex court temporarily suspended the deadline to phase out the old Naira pending the determination of the case. 

Also, the governments of Kano and Ondo States have separately sued FG over the Naira redesign policy.