President Bola Ahmed Tinubu stated that the Central Bank of Nigeria’s (CBN) policy to redesign the naira would be reviewed.
This was stated today by the president during his inaugural address at Eagles Square in Abuja, Federal Capital Territory.
According to him, given the number of unbanked Nigerians, the CBN administered the currency exchange too harshly.
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“The policy must be evaluated. My administration will regard both currencies as lawful tender in the interim.
President Tinubu added that his administration will consider both currencies as legal tender while the policy is being reviewed.
In addition, he stated that Nigeria’s monetary policy requires a comprehensive cleansing.
According to him, the CBN must strive for a unified exchange rate. This, according to Tinubu, will divert funds from arbitrage into substantial investments in the plant, equipment, and employment that drive the real economy.
Further, the president asserted that interest rates must be lowered to increase investment and consumer spending in ways that sustain a higher level of economic activity.
