Council of State backs cashless policy

The National Council of State has backed the Federal Government’s new monetary policy but tasked the Central Bank of Nigeria, CBN, to take urgent steps to arrest the scarcity of cash across the nation.

The Attorney-General of the Federation and Minister of Justice, Abubakar Malami accompanied by governors Babajide Sanwo-Olu of Lagos and Darius Ishaku of Taraba stated this while briefing reporters on the outcomes of the meeting.

The AGF said that the council had concluded that the CBN should do more to ensure there is the circulation of adequate cash in the system to alleviate the harsh realities trailing the policy.

“So by way of conclusion, the two major resolutions that were driven, arriving from the deliberations of the Council, are one that we are on course as far as election is concerned and we are happy with the level of preparation by INEC and the institutions.

“Two, relating to the naira re-designed policy, the policy stands, but then the Council agreed that there is a need for aggressive action on the part of the Central Bank, as it relates to the implementation of the policy by way of ensuring adequate provision being made with regard to the supply of the naira in the system,” he said.

Mr Malami said another major issue deliberated was the level of preparedness for the general elections.

According to him, the Chairman of the Independent National Electoral Commission, INEC, Prof. Mahmood Yakubu, and the Inspector-General of Police, IGP, Alkali Baba, have all assured of their adequate readiness.