JUST IN: NATIONAL COUNCIL OF STATE TELLS CBN, FG TO RESPECT SUPREME COURT INJUNCTION ON NAIRA SWAP

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Directs CBN to Print More New Notes or Recirculate the Old Currency

Rising from its Emergency meeting, the National Council of State has asked the Central Bank Of Nigeria (CBN) to print more new Naira notes or recirculate the old Naira Notes back into the system.

The Council also agreed unanimously to obey the Supreme Court injunction barring the CBN from discontinuing the use of the old Naira notes.

The meeting, held on Friday at the presidential villa, was presided over by President Muhammadu Buhari.

Darius Ishaku, governor of Taraba; Babajide Sanwo-Olu, governor of Lagos; and Abubakar Malami, attorney-general of the federation and minister of justice, jointly briefed state house correspondents on the outcome of the meeting.

They said although the council of state backed the CBN policy, the members expressed concerns about the implementation.

“The CBN was advised to make money available in quantum,” Ishaku said.

“The old money can also be recirculated to ease the suffering of the poorest of the poor.”

Professor Mahmood Yakubu, Chairman of the Independent National Electoral Commission (INEC), and Alkali Baba, the inspector-general of police (IGP), were also said to have briefed the council on preparations for the elections.

Commenting on their briefing, the attorney-general said: “We are on course as far as election preparedness is concerned.”

The hybrid meeting took place at the council chambers of the presidential villa, Abuja.

Yakubu Gowon and Abdulsalami Abubakar, former heads of state, were in attendance while former President Goodluck Jonathan was also present.