Nigeria’s President Muhammadu Buhari has met with Nigeria’s former Heads of State to discuss the CBN’s naira redesign policy which has led to the scarcity of naira and forced Nigerians to pay exorbitant fees to access cash from POS operators.
This is according to a statement by the office of the Presidency of Friday afternoon, as the President Presided over the Council of State meeting in Abuja.
The Council of State comprises the President (Chair); Vice President (Deputy Chair); all former Presidents & former Heads of Govt; all former Chief Justices; President of the Senate; Speaker, House of Representatives; all State Governors; and Attorney-General of the Federation.
— Presidency Nigeria (@NGRPresident) February 10, 2023
More details: The statement said the council discussed the ongoing cash crisis occasioned and that advice was given to the Federal Government on some other policy issues.
In attendance were Vice-President Yemi Osinbajo and former Heads of State retired Gens. Yakubu Gowon and Abdulsalami Abubakar as well as former President Goodluck Jonathan.
Also in attendance were The Senate President, Ahmad Lawan and the Speaker, House of the Representatives, Femi Gbajabiamila, Governors of Lagos, Kaduna and Gombe states and those of Taraba, Kwara, and Borno are also in attendance alongside the deputy governor of Bauchi State.
Emefiele’s brief: The CBN governor, Mr Godwin Emefiele, also briefed the Council on the bank’s activities regarding the currency re-design and cashless policy.
The president, vice-president, governors, Secretary to the Government of the Federation, former presidents, former heads of state, former Chief Justices of Nigeria, President of the Senate and Speaker of the House of Representatives are members.
What you should know: Recall Nairametrics reported last week Friday that President Muhammadu Buhari told Nigerian governors to give him seven days to resolve the cash crunch that has become a problem across the country following the naira redesign by the Central Bank of Nigeria.
The President also urged Nigerians to give him seven days to resolve the problem. He noted that the currency re-design will give a boost to the economy and provide long-term benefits while expressing doubts about the commitment of banks in particular to the success of the policy.