Tinubu’s first move: Scrapping Buhari’s naira redesign and fixing exchange rate
Nigeria’s new president, Bola Tinubu, has announced his intention to review the controversial naira redesign policy introduced by his predecessor, Muhammadu Buhari. He said both new and old notes would remain valid until further notice.
Speaking at his inauguration ceremony at the Eagle Square in Abuja on Monday, Mr Tinubu said he would work with the Central Bank of Nigeria (CBN) to achieve a single exchange rate for the naira.
He said this would curb arbitrage and redirect funds to productive sectors of the economy.
He also stressed the need to lower interest rates to stimulate investment and consumer spending, which are vital for economic growth.
Mr Tinubu expressed concern about the impact of the currency swap policy on the unbanked population of Nigeria.
He said he would review the policy and ensure that it does not exclude or marginalize any segment of the society.
He assured Nigerians that his government was committed to building a stable and prosperous economy.
He said he would implement sound monetary policies and measures to promote economic development and financial inclusion