The National Council of State has backed the Federal Government’s new monetary policy but tasked the Central Bank of Nigeria (CBN) to take urgent steps to arrest the scarcity of cash across the nation.
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CBN Governor Godwin Emefiele was advised to make new naira notes available or re-circulate old naira notes to ease the suffering of Nigerians.
Attorney-General of the Federation and Minister of Justice, Abubakar Malami accompanied by Governors Babajide Sanwo-Olu(Lagos) and Darius Ishaku (Taraba) briefed reporters with presidential spokesman Femi Adesina on outcomes of the meeting.
Disclosing the final resolutions of the meeting, Malami said the two major issues deliberated were the level of preparedness for the general elections, for which he ssid the Chairman of the Independent National Electoral Commission (INEC), Professor Mahmood Yakubu, and the Inspector-General of Police (IGP), Alkali Baba assured of adequate readiness.
He said the briefing on the new monetary policy, including the re-designing of some categories of the naira, elicited reactions and opinions, adding that the conclusion was that the CBN should do more to ensure there is circulation of adequate cash in the system to alleviate the harsh realities trailing the policy.
“So by way of conclusion, the two major resolutions that were driven, arriving from the deliberations of the Council, are one that we are on course as far as election is concerned and we are happy with the level of preparation by INEC and the institutions.
“Two, 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,” he said.
When asked by our correspondent about the President’s response to the council’s suggestions, the Lagos State Governor, Babajide Sanwo-Olu, said it will be up to Buhari to decide “soon.”
Our correspondent learnt that The Mint’s capacity constraints rest on not having enough papers to print new Naira notes.
“The Mint has run out of papers to print N500 and 1,000 notes,” a source said, explaining the supply constraints The Minit faces. “They have placed orders with a German firm and De La Rue of the UK (for papers) but they have been placed on a long waiting list so their orders cannot be met now,”
The source said The Mint had received CBN’s request to print 70 million copies of the new notes, totalling N126 billion to be pumped into circulation by today, the source added, regretting, however, that the request could not be met because “The Mint doesn’t have the capacity.”
Despite admitting to the supply constraints, Mr Emefiele also lamented the activities of saboteurs in the banking industry, who, he said, are hoarding the new notes.
At least two unnamed bank branches have been busted for hoarding new notes while customers endured long queues and were unable to withdraw their money, he said.
Some commercial banks have, however, denied hoarding the new notes, saying the Central Bank is simply not providing them with enough notes for customers.
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 Council of State is an organ of the Federal Government of Nigeria which advises the executive on key policies.
It comprises the President as chairman, Vice President Yemi Osinbajo (deputy chairman), all living former Presidents and Heads of State, President of the Senate, Ahmed Lawan, Speaker of the House of Representatives, Femi Gbajabiamila, all the 36 state governors and Minister of Justice and Attorney-General of the Federation, Abubakar Malami.
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