…to unify exchange rates
President Bola Ahmed Tinubu has said that his administration will review the recent currency swap policy of the Central Bank of Nigeria (CBN) and old and new notes to remain in circulation.
The president stated that the application of the currency swap by the apex bank was too harsh considering the number of unbanked Nigerians.
Tinubu stated while delivering his inaugural address after been sworn into office at the Eagle Square in Abuja on Monday.
He assured that he would work towards unifying the exchange rate in order to direct funds into meaningful investments.
According to him, a unified exchange rate would be in creating equipment and jobs that would power the economy.
He also said interest rates would be reduced to increase investment in such a way that would sustain the economy at a higher level.
The old and new notes will remain in circulation.