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Africa Housing News > Blog > News > BREAKING: I’ll review Buhari’s Naira redesign policy – Tinubu
Naira redesign policy
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BREAKING: I’ll review Buhari’s Naira redesign policy – Tinubu

By Author
Last updated: 2023/05/29 at 1:51 PM
By Author Published May 29, 2023
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BREAKING: I’ll review Buhari’s Naira redesign policy – Tinubu
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President Bola Ahmed Tinubu has vowed to review the naira redesign policy of his predecessor.

Tinubu made the vow in his inaugural address delivered at the Eagle Square, Abuja.

Contents
President Bola Ahmed Tinubu has vowed to review the naira redesign policy of his predecessor.READ ALSO:Nigerian farmers seek compensation over losses caused by Naira redesignSources:Tribuneonlineng

He also said both new and old currency notes would be treated as legal tender.

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He said: “Monetary policy needs thorough house cleansing. The Central Bank must work towards 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.

READ ALSO:Nigerian farmers seek compensation over losses caused by Naira redesign

“Interest rates need to be reduced to increase investment and consumer purchasing in ways that sustain the economy at a higher level. Whatever merits it had in concept, the currency swap was too harshly applied by the CBN given the number of unbanked Nigerians.

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“The policy shall be reviewed. In the meantime, my administration will treat both currencies as legal tender.”

Sources:Tribuneonlineng

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By Author May 29, 2023 May 29, 2023
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