Business
We’ll revisit naira redesign policy, says Tinubu
President Bola Tinubu, has promised to revisit the naira redesign policy of the Central Bank of Nigeria (CBN).
Tinubu, who said this in his inaugural speech in Abuja on Monday, however, said that his administration would treat both the old and the new naira notes as legal tender.
He said that the policy was harshly applied by CBN, given the number of unbanked Nigerians.
“Whatever merits it had in concept, the currency swap was too harshly applied by the CBN,” he said.
Tinubu said that the country’s monetary policy needed thorough housecleaning.
He urged the CBN to work toward 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.
“The interest rate needs to be reduced to increase investment and consumer purchasing in ways that sustain the economy,” he said. (NAN)
-
Business6 days ago
Billionaire Femi Otedola, Zenon Petroleum Sue Zenith Bank Over Illegal Acquisition Of Shares; Demand Over N100bn As Relief
-
Politics5 days ago
Ijaw leaders to Fubara: Begin probe of incomes, contracts awarded under Wike
-
News6 days ago
Akpumuama Community gets New Town Hall from Hon. Kesiye Taribo
-
Sports5 days ago
2024 AFCON: Nigeria Thrash Burundi 11-0, Qualify For Quarterfinal
-
Politics6 days ago
Sunny-Goli insists on EFCC probe of Wabote-led NCDMB, denies plot to stage protest.
-
Politics6 days ago
Otti swings into action to rescue 3 stolen Abia school kids of same parents
-
News6 days ago
CJN blasts judges over conflicting judgements
-
News6 days ago
Tragedy in Bayelsa: Seven Youths Die from Generator Fumes in Recording Studio