Nigeria’s new president, Asiwaju Bola Tinubu, has announced his intention to review the controversial naira redesign policy of his predecessor, Muhammadu Buhari, saying both new and old notes would remain valid until further notice.
Tinubu made the revelation while speaking at his inauguration ceremony at the Eagle Square in Abuja on Monday, adding that he would work with the Central Bank of Nigeria (CBN) to achieve a single exchange rate for the nation’s currency, the naira.
Noting that this would help to curb arbitrage and redirect funds to productive sectors of the economy, he also stressed the need to lower interest rates to stimulate investment and consumer spending, which are vital for economic growth.
He further promised that his administration would create a conducive environment for businesses and consumers to thrive while expressing concern about the impact of the currency swap policy on the unbanked population of Nigeria.
He said he would review the policy and ensure that it does not exclude or marginalize any segment of the society, and assured Nigerians that his government was committed to building a stable and prosperous economy.
According to him “I will implement sound monetary policies and measures to promote economic development and financial inclusion.”