Ismail Abdulazeez Mantu Reporting
PresidentBola Ahmed Tinubu has expressed his determination to maintain the naira redesign policy implemented by his predecessor.
Additionally, he emphasized that both the new and old currency notes would retain their status as acceptable legal tender.
Tinubu made this known while delivering his his inaugural speech at the Eagle Square, Abuja.
He said: “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 the plant, equipment and jobs that power the real economy.
“Interest rates need to be reduced to increase investment and consumer purchasing in ways that sustain the economy at a higher level. Whatever merits it had in concept, the currency swap was too harshly applied by the CBN given the number of unbanked Nigerians.
“The policy shall be reviewed. In the meantime, my administration will treat both currencies as legal tender.”