The Council of states meeting has thrown its weight behind the cash redesign policy of the Central Bank of Nigeria but wants an aggressive circulation of naira notes to ease the current hardship faced by Nigerians.
The council also got strong assurances from INEC and the police about their readiness to conduct the elections.
It is not surprising that The council of state spent more time discussing The CBN’s policy of the naira redesign and the deadline for the cash swap.
The Governor of the Central Bank of Nigeria was invited to the meeting to brief the council on how he intends to turn the tides and ease the hardship inflicted by a policy he holds tightly and has refused to shift grounds.
There has been a lot of outcry, Nigerians are groaning under the impact of a monetary policy that has removed cash from their pockets, practically killing their purchasing power, and leaving them without a better alternative.
The Council of States backs the policy to redesign the new naira notes but is not impressed with the style of implementation and the scarcity of Naira Notes.
A resolution was taken on the policy, and the apex bank asked to ensure a good circulation of naira notes.
The council of states was also interested in getting updates about the General elections and got a briefing from the Independent National Electoral Commission on its readiness and collaboration with relevant stakeholders critical to the success of the polls.
The council of states only plays an advisory role to Mr. President and the executive on policy making.
But everyone hopes this time, Godwin Emefiele will value the advice of the council to inject more cash into circulation which will most likely calm the anger.
The buck also stops on the table of President Muhammadu Buhari to point the country in the right direction.
