Minister, CBN governor not together on plan to redesign Naira

CBN to release re-designed Naira notes

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The planned redesign of the country’s currency may not see the light of the day afterall.

The Minister of Finance, Budget and National Planning , Zainab Ahmad Friday disowned the Governor of Central Bank of Nigeria. 

Ahmad said the policy if implemented, would badly affected the economy.

Zainab spoke during the 2023 budget defence session, while responding to questions from Senator Opeyemi Bamidele.

Senator Bamidele had raised issues with the announcement made by the Governor of CBN on redesigning of the naira, saying ” Just two days after announcement of the policy , value of Naira to a US dollar has risen from N740 to N788 to a US dollar due to rush in exchange of starched Naira Notes for foreign currencies , particularly dollar.

To me , the policy may be a well conceived one , but the timing going by realities on ground , is very wrong as the Naira may fall to as low as N1,000 to a US dollar before January 31, 2023 fixed for full implementation of the policy.”

Responding, the Minister said she is not aware of the policy but only heard of it from the media.

She said, ” Distinguished senators , we were not consulted at the Ministry of Finance by the CBN on the planned Naira redesigning and cannot comment on it as regards merits or otherwise .

“However 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 value of Naira to other foreign currencies.

“I will however appeal to this committee to invite the CBN governor for required explanations as regards merits of the planned policy and rightness or otherwise of its implementation now.”

NewsSpecng had on Wednesday reported that CBN Governor Emefiele said that the apex bank would redesign the country’s currency from 200 Naira denomination to N1,000 notes .

Emefiele said the action was taken in order to take control of the currency in circulation just as he posited that  the  bulk of the nation’s currency notes were outside bank vaults and that the CBN would not allow the situation to continue.

According to him, the planned policy he added , was  in line with Sections 19, Subsections a and b of the CBN Act 2007, upon which the Management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N200, N500, and N1,000 notes.


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