President Bola Ahmed Tinubu has promised to review the controversial naira redesign policy of his predecessor, Muhammadu Buhari, and unify the multiple exchange rates of the naira.
Tinubu made the promise yesterday while delivering his inaugural address at the Eagle Square, Abuja.
He said both new and old currency notes would be treated as legal tender.
“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. 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. The policy shall be reviewed. In the meantime, my administration will treat both currencies as legal tender,” the President said.
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