Why We’re In Support Of Naira Redesign — Council of State Reveals

Abiola Olawale
Writer

Ad

Why I Don’t Want Nigeria to Qualify for 2026 World Cup– South Africa’s Minister Reveals

By Abiola Olawale South Africa's Minister of Sport, Arts and Culture, Gayton McKenzie, has unleashed a scathing attack on Nigeria's Super Eagles, declaring outright that he hopes they crash out of contention for the 2026 FIFA World Cup. McKenzie spoke during an interview with Radio 947 in Johannesburg, where he accused Nigeria of allegedly attempting…

From Harvard to Stanford: The Tuition Costs of the Top 10 Colleges

Key Takeaways Tuition alone at elite schools ranges from $59K to $71K, compared to $43K at the average private college. The University of Chicago tops the list. The cost of attending America’s most prestigious universities continues to soar. For the 2024–25 academic year, the total annual cost of the top 10 national universities now ranges…

It Is Time to End the Civil War: Beyond Words, Towards Economic Empowerment

By Sonny Iroche A War That Officially Ended, But Psychologically Lingers On January 15, 1970, the guns of the Nigerian–Biafra Civil War fell silent when General Philip Effiong formally surrendered to General Yakubu Gowon at the Dodan Barracks in Lagos. Gowon’s declaration of “No Victor, No Vanquished” was meant to mark not only the cessation…

Ad

The National Council of State has thrown its weight behind the redesign of N1000, N500, and N200 naira notes by the Central Bank of Nigeria (CBN).

The Attorney General of the Federation and Minister of Justice, Abubakar Malami, made this revelation while briefing members of the press at the end of the council meeting at the Presidential Villa, Abuja, Friday.

He revealed that the decision to back naira redesign was reached by the council, which is the highest advisory organ to the President during the closed-door meeting.

Malami also said the council charged the central bank to do more to make the new naira notes available through an aggressive circulation across the country.

“Relating to the Naira redesign policy, the policy stands but then the council agreed that there is need for aggressive action on the part of the CBN as it relates to the implementation of the policy by way of ensuring adequate provision being made with particular regard to the supply of the Naira in the system,” he said.

Malami did not, however, say whether the council called for an extension of the 10 February deadline for the use of the old naira notes.

The Council of State is an organ of the Federal Government of Nigeria which advises the executive on key policies.

Present were former Heads of State, General Yakubu Gowon and Abdulsalami Abubakar as well as former President Goodluck Jonathan.

Former President Olusegun Obasanjo joined the meeting virtually as only about 14 governors were present both physically and virtually with some represented by their deputies.

Also present were Vice President Yemi Osinbajo, The Attorney-General of the Federation and Minister of Justice, two former Chief Justices of Nigeria, amongst others.

The New Diplomat reports that this decision comes amid agitations from governors like Governor Nasir El-Rufai of Kaduna state who had alleged that the naira redesign policy was a tactic by some elements in the presidential villa to jeopardise the chances of the All Progressives Congress (APC) and its presidential candidate, Asiwaju Bola Ahmed Tinubu in the February 25th election.

There has been huge uncertainty in the country over the naira redesign.

This was caused by an earlier judgment given by the Supreme Court barring the CBN from implementing the February 10 deadline for old Naira notes.

While the apex court had given the interim order, the CBN is yet to react or give directives over its deadline which it had earlier fixed for Friday (today), fuelling uncertainty and speculations in the country.

Ad

X whatsapp