President Tinubu's Advisory Council Suggests New Date for Old Naira Notes Deadline
- President Bola Tinubu is considering extending the validity of the old naira notes based on counsel from his Policy Advisory Council
- The Supreme Court shifted the deadline for phasing out old naira notes to December 2023, following a suit filed by state governors led by Kaduna, Kogi and Zamfara
- Tinubu's Policy Advisory Council, chaired by Senator Tokunbo Abiru, has suggested a new deadline for the usage of old notes
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President Bola Ahmed Tinubu is mulling over extending the validity of the old naira notes, according to an Advisory Report released by his Policy Advisory Council.
DailyTrust reports that the council, chaired by Senator Tokunbo Abiru, has advised Tinubu to consider extending the use of the old 1000, 500, and 200 naira notes to December 2024.
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The Central Bank of Nigeria (CBN) introduced the redesigned naira last year and set a February 10 deadline to phase out the old notes. However, due to public outcry, the deadline was extended.
Recently, the Supreme Court shifted the deadline to December 2023 in response to a suit filed by some aggrieved state governors.
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Tinubu's next move
The Advisory Report set ambitious goals for the Tinubu administration, including doubling the country's economy to $1 trillion, achieving a 7% average annual GDP growth rate, lifting 100 million people out of poverty, and creating an enabling environment to generate over 50 million jobs.
Furthermore, the council's report reveals Tinubu's stance on abolishing multiple exchange rate windows, a move recently implemented by the CBN on Wednesday, June 14, 2023.
The council's recommendations are expected to significantly impact the president's decision-making process in the coming years.
"By the powers conferred on me": CBN revokes licenses of over 170 microfinance banks, finance companies
Meanwhile, in another report, the Central Bank of Nigeria (CBN) revoked the licenses of 179 microfinance banks, four primary mortgage banks, and three finance companies nationwide.
The announcement was made in the official gazette of the Federal Government, which was published on the CBN's website on Tuesday, May 23, 2023.
According to the gazette, the financial institutions had their licenses revoked due to several reasons.
Source: Legit.ng
