Two days after the Central Bank of Nigeria (CBN) announced plans to redesign naira notes, the minister of Finance, Budget and National Planning, Zainab Ahmad, rejected the idea.
The Minister who totally disowned the policy during budget defence at the Senate said there would be severe consequences on the economy.
Zainab maintained that as a Nigerian privileged to be at the top of Nigeria’s fiscal management, the policy as rolled out at this time portends serious consequences on the value of the Naira to other foreign currencies.
It could be recalled that the CBN governor, Godwin Emefiele on Wednesday announced the introduction of newly designed notes of N200, N500, and N1,000.
He said the new naira notes would be in circulation by December 15, 2022, adding that the old notes remain valid until January 31, 2023.
Meanwhile, the Central Bank of Nigeria (CBN) insists it followed the law and due process to carry out the planned redesign of new Naira notes.
The apex bank’s reaction follows claims by the Minister of Finance, Budget and National Planning, Zainab Ahmad, that her ministry was not carried along in the proposed change of notes.
The CBN spokesperson, Osita Nwanisobi while briefing journalists, expressed surprise at the minister’s claim, insisting that the CBN remains a very thorough institution that follows due process in its policy actions.
Nwanisobi while urging Nigerians to support the currency redesign project, he said it was in the overall interest of Nigerians, reiterating that some persons were hoarding significant sums of banknotes outside the vaults of commercial banks.
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ECONOMY