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Emefiele in ‘Trouble’ as Tinubu Announces Probe of Naira Redesign, Says Old, New Notes Remain Legal Tender

President Bola Tinubu, has promised to probe the naira redesign policy of the Central Bank of Nigeria (CBN).

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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.

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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.

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