FG may extend old naira circulation till December 2024

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BY CAROLINE AMOSUN

The Federal Government may extend the validity of the old naira notes in circulation till December 2024 in order to resolve the cash shortage situation, if required.

This is contained in one of the considerations presented to President Bola Tinubu by his Policy Advisory Council.

In the report sighted by The Point on Thursday, the Council also proposed a five per cent monthly gradual removal of the old notes and replacement with new notes through the Deposit Money Banks.

Members of the Policy Advisory Council are Senator Tokunbo Abiru (chairman), Dr. Yemi Cardoso, Sumaila Zubairu and Dr. Doris Anite.

The Council advised the Federal Government to: “Extend the December 31st, 2023 deadline to December 31st, 2024 (if required), and bring in new notes through the deposit money banks by 5% monthly and take out the old notes through the deposit money banks by the same 5 per cent to solve the cash shortage.”

On other reforms, the report said, “To transform Nigeria to become Africa’s most efficient trading nation, decongest the area up to 4 km around the ports and designate them for cargo, roads and railway, enforce the Presidential directive on 48hr clearance of goods at seaports in line with Executive Order 001, redefine the performance measures of key agencies of government to emphasise trade facilitation and set up a whistle-blowing mechanism that enables and empowers transporters to report and escalate issues with the various authorities while transporting food and other critical items.”