The Council of State has asked the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele to print more new naira notes or re-circulate old notes.
This is coming barely hours before the deadline for exchanging old naira notes with new ones elapses.
Recall that CBN had given February 10th as the final deadline for Nigerians to exchange their old naira notes with new ones.
Also, the apex bank had redesigned the naira, saying it was long overdue.
Giving further reasons for the naira re-design, the CBN Governor, Emefiele had said that it would curb inflation and bring back cash into the coffers of banks.
According to him , there are more billions in the hands of private individuals than there are in the banks, including CBN.
The country’s anti-graft agency, the EFCC, had also alleged that it was investigating some ex state governors for being in possession of huge sums of money illegally in their private vaults at their homes.
The DSS said one of such ex governor had more than N500 billion naira in cash stashed in his private vault which he allegedly plans to use and rig election.
Candidates in Nigeria’s coming February election:
Among the candidates vying for various positions in the coming February election in Nigeria are former Lagos State Governor, Ahmed Bola Tinubu.
Tinubu is vying for the position of Nigeria’s president.
He has always being in the news for bringing two bullion vans full of Naira to allegedly share to voters during the 2019 general election in Nigeria.
Another ex governor vying for the presidency is Perter Obi who was the former governor of Anambra state.
The trouble with the New and Old Naira notes:
Ever since the CBN launched the nationawide mop up of the old Naira notes, Nigerians have not been having it easy at all.
Banks such as Zenith Bank, and Guarantee Trus Bank (GT Bank) have allegedly shut down nationwide for lack of the new notes.
Nigerians too have been suffering lack of access to the new notes as well as the old notes.
While Nigerians rushed to deposit their old notes with their banks who then deposited same with the CBN, in hopes of getting the new notes, both the new and old notes are not easy to come bye.
This development has led to scarcity of both the old and new notes
While banks are complaining that they don’t have the new notes, Nigerians are suffering naira scarcity to run their businesses and homes.
Businesses have also been greatly affected as many have shut down too.
Families and become angry while youths in various states have started vandalising banks for not dispensing either the new notes or the old ones.
Meanwhile, many other Nigerians are in support of the CBN’s actions.
They said CBN should not extend the deadline any further.
This was after the CBN extended the deadline for exchanging the old notes from January 31st, 2023 to February 10th, 2023.
The council of state’s urge for the CBN to print more new notes or re-circulate the old naira notes is coming barely days after three governors sued the Federal Government to court over the issue.
The Supreme Court had subsequently given an order for the Government not to make the old notes cease being legal tender.
The Supreme Court gave February 13th for ruling in the case.
The Council of State’s Urge:
Briefing newsmen after the meeting of the Council of state, Governor’s Darius Ishaku of Taraba; Babajide Sanwo-Olu of Lagos state and the attorney-general of the federation and minister of justice, Abubakar Malami, said the council is urging the CBN to either print more new nnaira notes or re-circulate the old ones.
“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.”