The President of Nigeria, Bola Tinubu has vowed to revisit the naira redesign policy of the Central Bank of Nigeria (CBN) which had put many Nigerians in a difficult situation earlier in the year.
Tinubu, who said this in his inaugural speech in Abuja, however, assured that his administration would treat both the old and the new naira notes as legal tender. He said that the policy was harshly applied by CBN, given the number of unbanked Nigerians.
‘Whatever merits it had in concept, the currency swap was too harshly applied by the CBN,’ he said.
Tinubu said that the country’s monetary policy needed thorough house cleaning.
He also urged the CBN to work toward a unified exchange rate. ‘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 power in ways that sustain the economy,’ he said.
In another report, the Christian Association of Nigeria (CAN) has hailed Tinubu, describing his inauguration as a new chapter for Nigeria.
In a press statement on Monday, the President of CAN, Archbishop Daniel Okoh, urged the new administration under Tinubu’s leadership to bring positive change and progress to the country.
According to the CAN President, Tinubu’s inauguration marks a significant milestone in Nigeria’s history, and he urged all Nigerians to support the new government in its efforts to address the challenges facing the nation.
He said, “On behalf of the Christian Association of Nigeria (CAN), I would like to extend our warmest congratulations to the new President of Nigeria, Asiwaju Bola Ahmed Tinubu, as he assumes office today.
“This is a momentous occasion for Nigeria, and we wish President Tinubu well as he takes on the responsibilities of leading our great nation.
“Nigeria is facing a number of challenges that require strong and decisive leadership. From security concerns to economic struggles, it is clear that there is much work to be done in order to ensure that Nigeria can reach its full potential.
“We urge President Tinubu to prioritize these issues and to work tirelessly to find lasting solutions that will improve the livelihoods of the people of Nigeria.
‘As we face our common challenges, Nigerians must come together as a people with a spirit of unity and a great sense of accommodation to form a potent force.
‘To this end, we believe that as His Excellency, President Bola Ahmed Tinubu engages the active participation of all Nigerians regardless of their political, ethnic and religious leanings, Nigeria can overcome all obstacles to emerge stronger than ever.
‘Once again, we congratulate President Tinubu and wish him all the best as he begins the onerous task of leading Nigeria at this time of our national history.’
Meanwhile, Tinubu is expected to have more appointments today.