President Bola Ahmed Tinubu has promised to review the naira redesign policy that was implemented by his predecessor, Muhammadu Buhari. This announcement was made during his inauguration speech at the Eagle Square in Abuja on Monday.
Speaking to a diverse audience comprising government officials, dignitaries, and citizens, President Tinubu acknowledged the vital role of a stable and efficient currency system in achieving economic growth and stability. However, he described the naira redesign policy as a hasty and harsh decision.
According to Tinubu, “Monetary policy needs thorough house cleansing. The Central Bank must work towards a unified exchange rate. This will direct funds away from arbitrage into meaningful investment in plant, equipment, and jobs that power the real economy.”
The President also expressed his concerns about the high-interest rates that hinder investment and consumer spending, leading to a less robust economy. He noted that although the currency swap had some potential advantages, it was too severe considering how many Nigerians were unbanked.
“The policy shall be reviewed. In the meantime, my administration will treat both currencies as a legal tender,” he concluded.
