President Bola Ahmed Tinubu is contemplating the possibility of extending the validity of older naira notes, according to an Advisory Report released by his Policy Advisory Council, News About Nigeria reports.
This comes after the Central Bank of Nigeria (CBN) had previously introduced a redesigned naira and set a deadline for the withdrawal of old notes, which was later extended due to public outcry.
However, the Supreme Court, in response to a suit filed by some disgruntled governors, shifted the deadline to December 2023.
The Advisory Report, chaired by Senator Tokunbo Abiru, a former CEO of Polaris Bank who now represents Lagos East in the Senate, suggests considering a new deadline of December 2024 for the withdrawal of old naira notes.
The council also includes Dr. Yemi Cardoso, a close ally of President Tinubu who played a significant role during Tinubu’s tenure as governor of Lagos State.
In addition to the proposal for extending the deadline, the advisory outlines the incumbent administration’s intended achievements over an 8-year period, signaling Tinubu’s intention to seek a second term.
Tinubu, who was elected on February 25, 2023, currently holds a 4-year mandate.
Among the listed plans are the goal of doubling the economy to reach $1 trillion, achieving an average annual GDP growth rate of 7%, lifting 100 million people out of poverty, and creating an enabling environment for the generation of over 50 million jobs, among other objectives.
The Advisory Report also highlights the president’s stance on the abolition of multiple exchange rate windows, which was recently implemented by the CBN.
This move aims to streamline the foreign exchange market and establish a single exchange rate system.
With the potential extension of the validity of old naira notes, there are implications for the economy and the public. E
Extending the deadline would allow individuals more time to exchange their old notes for the redesigned currency, mitigating concerns about potential financial losses due to invalidation.
This decision could provide a level of relief to those who have yet to exchange their old notes and could also alleviate the burden on financial institutions and the CBN in managing the currency transition.