HeadlineNaira Redesign: Confusion As Finance Minister Disagrees With CBN, President Buhari

Naira Redesign: Confusion As Finance Minister Disagrees With CBN, President Buhari


October 28, (THEWILL) – The Minister of Finance, Budget, and National Planning, Zainab Ahmed, has disassociated her ministry from the planned move by the Central Bank of Nigeria (CBN), to redesign the naira even though President Muhammadu Buhari approved the move.

The CBN Governor, Godwin Emefiele, had on Wednesday, said that the apex bank would redesign the N200, N500 and N1000 notes.

Emefiele had said the action was taken in order to take control of the currency in circulation, as well as security concerns.

But Mrs Ahmad, who spoke on Friday, in response to a question raised by Senator Opeyemi Bamidele (APC Ekiti Central), during the 2023 budget defence session with the Senate Committee on Finance, dissociated her office from the planned redesign of the naira notes.

Bamidele had told the minister that barely two days after the announcement of the plan, the effect on the value of the naira to the US dollar was being felt.

“Just two days after the announcement of the policy, the value of naira to a US dollar has risen from N740 to N788 due to a rush in exchange of naira notes for foreign currencies, particularly dollars”, the Senator noted

But in a quick response, the minister said she and her ministry are not aware of the policy but only heard of it from the media.

Her words: “Distinguished senators, we were not consulted at the Ministry of Finance by 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 the value of the 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.”

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