Tinubu Mulls Extending Old Naira Notes Deadline To 2024
President Bola Ahmed Tinubu is considering extending the validity of old naira notes to December 2024, according to a policy advisory report released by his council.
The Central Bank of Nigeria (CBN) redesigned the naira last year and set a deadline for the circulation of the old notes, which was later extended to December 2023 following public outcry and a Supreme Court ruling.
However, the president’s Policy Advisory Council, chaired by Senator Tokunbo Abiru, has recommended a further extension of the deadline to December 2024, citing the need to ease the transition and avoid economic disruption.
Abiru, who was the Chief Executive Officer of Polaris Bank before he was elected into the Senate to represent Lagos East in 2020, is one of the key members of the council, along with Dr Yemi Cardoso, a close ally of Tinubu and a former commissioner in Lagos State.
The policy report also outlined the planned achievements of Tinubu’s administration within eight years, revealing his intention to seek a second term in office.
Tinubu, who was elected as president on February 25, 2023, has a four-year mandate that will end in 2027.
Some of his goals include doubling the size of the economy to $1 trillion, achieving an average annual GDP growth rate of 7%, lifting 100 million people out of poverty, and creating an enabling environment to generate over 50 million jobs, among others.
The report also stated Tinubu’s position on abolishing the multiple exchange rate window, which was finally implemented by the CBN on Wednesday.
The policy advisory council will be inaugurated by Tinubu at the Presidential Villa in Abuja on Thursday.
