Bola Ahmed Tinubu, the new president, has committed to evaluate the naira redesign strategy put in place by Muhammadu Buhari.
In his inaugural speech on Monday at Eagle Square in Abuja, Tinubu made the declaration.
President Tinubu acknowledged the significance of a stable and effective currency system for economic growth and stability while criticising the naira redesign as a harsh and premature strategy when speaking to a broad gathering that included government officials, dignitaries, and civilians.
"Monetary policy needs a complete house cleaning," he remarked. To achieve a single exchange rate, the Central Bank must work. As a result, money will be diverted from arbitrage into significant investments in the machinery, tools, and employment that drive the actual economy.
To promote consumer spending and investment in ways that support the economy at a greater level, interest rates must be decreased. Despite any conceptual virtues, considering the number of unbanked Nigerians, the CBN overly implemented the currency swap.
"The policy has to be examined. My administration will treat both currencies as legal money in the interim.