The Council of State, a constitutional body of former Presidents, Heads of States and other prominent citizens, has advised President Muhammadu Buhari on the current currency crisis in Nigeria.
The Council, which held its meeting in Abuja on Friday, discussed the scarcity of cash in circulation and the implementation of the Central Bank of Nigeria’s (CBN) naira redesign policy.
After the meeting, the Attorney General of the Federation, Abubakar Malami, stated that the Council illuminated the need for aggressive action by the CBN to ensure an adequate supply of the naira.
The Council proffered suggestions to the President to ease the tension caused by the scarcity of cash, including directing the CBN to print more redesigned naira notes or allow both the new and old banknotes to circulate concurrently.
Governor Darius Ishaku of Taraba State echoed the Council’s submissions, adding that the President was debriefed by the CBN Governor Godwin Emefiele on the currency swap challenge and expressed hope that the President would make a decision soon.
The Council of State also expressed its satisfaction with the level of preparation by the Independent National Electoral Commission (INEC) and other institutions ahead of the 2023 elections.
The INEC Chairman, Mahmood Yakubu, was physically in attendance and briefed the Council on the preparations.
Notable attendees at the meeting included former Presidents Goodluck Jonathan, Yakubu Gowon, Abdulsalami Abubakar, and Olusegun Obasanjo (virtually), Vice President Yemi Osinbajo, the President of the Senate, Ahmad Lawan, the Speaker of the House of Representatives, Femi Gbajabiamila, and several Governors, including Nasir El-Rufai, Babajide Sanwo-Olu, Babagana Zulum, and Ademola Adeleke.
The Minister of the Federal Capital Territory, Mohammed Bello; Secretary to the Government of the Federation, Boss Mustapha; and the Attorney General of the Federation and Minister of Justice, Abubakar Malami, also attended the meeting.
All Service Chiefs and heads of security agencies were also physically present.
