ABUJA, Nigeria — President Bola Tinubu, in his inaugural address at Eagle Square on Monday, May 29, 2023, pledged to review the controversial naira redesign policy implemented by his predecessor, Muhammadu Buhari.
In his speech, Tinubu expressed commitment towards strengthening the country’s economic framework, starting with a review of the contentious policy that saw the Nigerian naira redesigned. The move was seen by many as a harsh and rushed decision.
“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,” Tinubu said.
The newly inaugurated President emphasized the need to reduce interest rates to stimulate investment and consumer spending, fueling economic growth.
He expressed his concerns about the naira redesign policy, questioning its implementation in a country with a large number of unbanked citizens.
“Whatever merits it had in concept, the currency swap was too harshly applied by the CBN given the number of unbanked Nigerians,” he commented.
Tinubu affirmed his commitment to review the policy, stating, “The policy shall be reviewed. In the meantime, my administration will treat both currencies as legal tender.”
This announcement marks a significant departure from his predecessor’s monetary policy.
As President Tinubu embarks on this review, the nation will be watching closely to see how these changes unfold, hopeful that his focus on unified exchange rates and lowered interest rates will contribute positively to Nigeria’s economic stability and growth.
