President Bola Ahmed Tinubu has vowed to review the naira redesign policy implemented by his predecessor, Muhammadu Buhari.
Tinubu made the announcement in his inaugural address at Eagle Square in Abuja on Monday.
Addressing a diverse audience comprising government officials, dignitaries and citizens, President Tinubu acknowledged the importance of a stable and efficient currency system for economic growth and stability, while describing the naira redesign as a harsh and hasty policy.
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.”