In a recent development, President Bola Ahmed Tinubu has reportedly been contemplating extending the validity of old Nigerian naira notes. The Central Bank of Nigeria had previously redesigned the currency, setting a deadline that was later extended due to public outcry.
However, following a ruling in a suit filed by some aggrieved governors, the Supreme Court has shifted the deadline to December 2023. Notably, an Advisory Report released by President Tinubu’s Policy Advisory Council, chaired by Senator Tokunbo Abiru, suggests that a December 2024 deadline is now being considered for the use of old naira notes.
Senator Tokunbo Abiru, the former Chief Executive Officer of Polaris Bank, assumed his role as a senator representing Lagos East after the demise of his predecessor, Senator Gbenga Oshinowo. Additionally, Dr. Yemi Cardoso, a prominent ally of the president, who played a crucial role during Tinubu’s tenure as governor of Lagos State, is also a member of the council.
The advisory report not only sheds light on the proposal to extend the validity of old naira notes but also outlines the intended achievements of President Tinubu’s administration within an eight-year timeframe. It reveals Tinubu’s plan to seek a second term, as he currently holds a four-year mandate following his election on February 25, 2023.
Among the ambitious goals listed in the advisory report are doubling the economy to $1 trillion, achieving an average annual GDP growth rate of 7%, lifting 100 million people out of poverty, and creating an enabling environment to generate over 50 million jobs.
Another noteworthy aspect of the advisory report is the president’s stance on the abolition of the multiple exchange rate window, which was recently implemented by the Central Bank of Nigeria on Wednesday.
While these developments have emerged in an advisory report, it is important to note that they are yet to be officially confirmed.
