The Central Bank of Nigeria’s (CBN) naira redesign policy would be revisited, according to President Bola Ahmed Tinubu.
This was said by the president during his inauguration address yesterday in Abuja, the Federal Capital Territory, at Eagles Square.
Given the amount of unbanked Nigerians, he said that “the CBN imposed the currency swap too brutally.
“The policy shall be reviewed. In the meantime, my administration will treat both currencies as legal tender”.
President Tinubu further stated that while the policy is being reviewed, his administration will in the meantime, treat both currencies as legal tender.
He also noted that Nigeria’s monetary policy needs thorough housecleaning.
In his opinion, the CBN must work towards a unified exchange rate. This Tinubu says will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy.
The president further asserted that interest rates need to be reduced to increase investment and consumer purchasing in ways that sustain the economy at a higher level.