President Bola Tinubu promised to revisit the naira redesign policy of the Central Bank of Nigeria (CBN) in his inaugural speech in Abuja on Monday.
Tinubu stated that his administration would treat both the old and the new naira notes as legal tender.
He believed that the policy was harshly applied by CBN, given the number of unbanked Nigerians.
The President urged the CBN to work toward a unified exchange rate and emphasized that the country’s monetary policy needed thorough housecleaning.
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He said;
“Whatever merits it had in concept, the currency swap was too harshly applied by the CBN.
“This will direct funds away from arbitrage into meaningful investment in the plant, equipment, and jobs that power the real economy.
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“The interest rate needs to be reduced to increase investment and consumer purchasing in ways that sustain the economy.”
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