News

Tinubu Set To Elongate The Lifespan Of Old Naira Notes

Published

2 years ago

Jun 16, 2023.

Eko Hot Blog reports that President Bola Ahmed Tinubu is set to extend the validity of old naira notes beyond the current December 2023 deadline.

The Central Bank of Nigeria redesigned the ₦200, ₦500, and ₦1000 naira notes last year and set a deadline that was extended by the supreme court in a suit filed by some aggrieved governors.

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However, in an Advisory Report released by President Bola Ahmed Tinubu’s Policy Advisory Council chaired by Senator Tokunbo Abiru, a December 2024 deadline is said to be considered for the old naira notes.

Senator Abiru was the Chief Executive Officer of Polaris Bank before he was elected into the Senate to represent Lagos East following the death of Senator Adebayo Oshinowo in June 2020.

Also on the council is Dr Yemi Cardoso, a strong ally of the president, who played a key role when Tinubu was governor of Lagos State.

The policy also outlined the planned achievements of the Tinubu administration within 8 years, revealing a possible plan to seek a second term.

Tinubu currently has a 4-year mandate which runs out in 2027, having been elected on February 25, 2023.

Listed among the policy targets are doubling the economy to $1 trillion, achieving a 7% average annual GDP rate; lifting 100 million people out of poverty; creating an enabling environment to generate over 50 million jobs, among others.

Also listed in the advisory report is the president’s position on abolishing multiple exchange rate windows, which was finally implemented by the CBN on Wednesday.