However, the council urged the Central Bank of Nigeria (CBN) to either intensify the printing of new notes or recirculate the old notes to ease the hardship of Nigerians occasioned by the policy.
The Attorney General of the Federation and Minister of Justice, Abubakar Malami; Governors Darius Ishaku of Taraba State and Babajide Sanwo-Olu of Lagos State, as well as the Special Adviser to the President on Media and Publicity, Femi Adesina, briefed State House reporters on the issues discussed at the meeting
Malami said the two major issues deliberated were the level of preparedness for the general elections and the new monetary policy of the Central Bank of Nigeria.
He said the Chairman of the Independent National Electoral Commission (INEC), Professor Mahmood Yakubu and the Inspector-General of Police (IGP), Alkali Baba, assured of adequate readiness for the elections.
“So by way of conclusion, the two major resolutions that were driven, arriving from the deliberations of the Council, are one that we are on course, as far as election is concerned and we are happy with the level of preparation by INEC and the institutions.
“Two, relating to the naira re-designed policy, the policy stands, but then the Council agreed that there is a need for aggressive action on the part of the Central Bank, as it relates to the implementation of the policy by way of ensuring adequate provision being made with regard to the supply of the naira in the system.
The Council of state is an organ of the federal government saddled with the responsibility of advising the executive on policy making.
The meeting which was presided over by President Muhammadu Buhari, has in attendance the former Heads of State, Generals Yakubu Gowon and Abdulsalami Abubakar, as well as former President, Goodluck Jonathan.
While former President, Olusegun Obasanjo, joined virtually, about 14 governors attended the meeting both physically and virtually with some represented by their deputy governors.
Among others in attendance are; Vice President Yemi Osinbajo, two fomer Chief Justices of Nigeria, the Attorney General of the Federation and Minister of Justice, Abubakar Malami.
Chairman of the Independent National Electoral Commission (INEC), Prof Mahmood Yakubu, the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele and the Inspector General of Police (IGP), Alkali Baba, also joined the meeting.