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President Bola Tinubu has pledged to readdress the naira redesign policy of the Central Bank of Nigeria (CBN).
He made this known in his inaugural speech in Abuja on Monday, saying 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.
According to him, 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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