The president, who stated this during his inaugural speech at the Eagles Square in Abuja, said the currency swap was too harshly applied by the CBN, given the number of unbanked Nigerians.
President Tinubu further stated that while the policy is being reviewed, his administration will in the meantime, treat both currencies as legal tender.
He also noted that Nigeria’s monetary policy needs thorough housecleaning.
Meanwhile; the President Bola Tinubu has announced the removal of fuel subsidy, saying it is no longer sustainable.
He also said his administration would target not less than six per cent Gross Domestic Product growth annually, and would consider a single foreign exchange market.
President Tinubu, who said democracy has now been firmly established in Nigeria, also paid tribute to former President Muhammadu Buhari.
Tinubu said the election that brought him to power was fiercely fought and fairly won and represented the will of Nigeria.
