The Council of State has thrown its weight behind the Naira Redesign policy of the Central Bank of Nigeria (CBN) and equally advised the apex bank governor, Godwin Emefiele, to make more new Naira notes available or recirculate old banknotes to address the naira scarcity issue and ease the suffering of Nigerians.

Members of the Council unanimously expressed their total support for the naira redesign policy of the CBN and the President Muhammadu Buhari led federal government for the initiative.

These were some of the resolutions taken by the Council of State on Friday, February 10, at a meeting presided over by President Buhari at the Council chambers of the presidential villa, Abuja. 

Godwin Emefiele, Central Bank of Nigeria, CBN Governor, Godwin Emefiele, who was also in attendance at the meeting, had briefed the Council on the currency swap policy, against the backdrop of the ex-parte order by the Supreme Court, that the apex bank suspend the February 10 deadline for old notes validity as legal tender. 

The ex-parte order which expires on the February 15, has already been challenged via a preliminary objection, by the Federal government, through the office of the Attorney General and Minister of Justice and the date for hearing has also been fixed for February 15, 2023.

The Council of State meeting had in attendance former President Goodluck Jonathan; former Heads of State: Yakubu Gowon and Abdulsalami Abubakar, as well as ex-President, Olusegun Obasanjo who joined virtually.