Following his successful swearing-in on Monday, President Bola Ahmed Tinubu has promised to revisit the controversial naira redesign policy of the Central Bank of Nigeria (CBN).
Tinubu spoke on Monday during his inaugural speech at the Eagles Square in Abuja, Federal Capital Territory.
According to him, “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”.
President Tinubu further stated that while the policy is being reviewed, his administration will in the meantime, treat both currencies as legal tender.
He also noted that Nigeria’s monetary policy needs thorough housecleaning.
In his opinion, the CBN must work towards a unified exchange rate. This Tinubu says will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy.
The president further asserted that interest rates need to be reduced to increase investment and consumer purchasing in ways that sustain the economy at a higher level.