Following the scarcity of cash in circulation, the Council of State has advised President Muhammadu Buhari to allow the co-circulation of both old and new naira notes.
The Council also urged the President to direct the Central Bank of Nigeria (CBN) to print more redesigned naira notes.
The Council said it approved the naira redesign policy by the CBN, however, faulted its implementation.
Addressing the State House Correspondents after the Council meeting, the Attorney General of the Federal, Abubakar Malami, said that the Council illuminated the need for aggressive action by the CBN to ensure adequate supply of the naira in the system for proper implementation of the policy.
Governor Ishaku stated that it profferred a number of suggestions to the President, particularly on the currency swap challenge which dominated discussions, and expressed the hope that President will take a decision soon by way of intervention.
As regards the 2023 elections, Malami, also expressed the Council’s satisfaction with the level of preparation by the Independent National Electoral Commission (INEC) and the institutions.
Those who attended the Council meeting chaired by the President include the former Presidents Goodluck Jonathan; Yakubu Gowon, and Abdulsalami Abubakar as well as ex-President Olusegun Obasanjo who attended virtually.
Also present at the chamber was the Vice President, Professor Yemi Osinbajo; the President of the Senate, Ahmad Lawan; Speaker of the House of Representatives, Femi Gbajabiamila.
Governors in attendance are Nasir El-Rufai (Kaduna), Darius Ishaku (Taraba), Babajide Sanwo-Olu (Lagos), and Babagana Zulum (Borno). Other governors that are virtually in attendance are Ademola Adeleke (Osun), Abubakar Badaru (Jigawa), Yahaya Bello (Kogi), Atiku Bagudu (Kebbi), Dapo Abiodun (Ogun), Aminu Tambuwal (Sokoto), Simon Lalong (Plateau) and the Deputy Governors Nasarawa and Bauchi States.
The Minister of the FCT, Mohammed Bello; Secretary to the Government of the Federation, Boss Mustapha; Attorney General of the Federation and Minister of Justice, Abubakar Malami and the Governor of the Central Bank of Nigeria, Godwin Emefiele also attended the meeting.
The INEC Chairman, Mahmood Yakubu was also physically in attendance and is expected to brief the council on the preparations ahead of the 2023 elections.
All Service Chiefs and Heads of security agencies were also physically present.
