The Minister of Finance, Budget and National Planning, Dr Zainab Ahmad says her Ministry was not informed about the redesign naira policy of the CBN.
This was stated by Dr Zainab Ahmad during her appearance before the Senate Committee on Finance for the Ministry’s 2023 budget.
She told the committee that the CBN did not consult her Ministry on the proposed Naira redesign and that she cannot comment on the pros and cons.
“I will, however, appeal to this committee to invite the CBN governor for additional explanations as to the merits of the planned policy and the appropriateness or otherwise of its implementation now,” she said.
The CBN Governor, Mr Godwin Emefiele had on Wednesday said that the bank would redesign the country’s currency from 200 Naira denomination to N1,000 notes.
He said that the action was taken to control the currency in circulation and that the bulk of the nation’s currency notes were outside bank vaults.
Mr Godwin Emefiele said the policy was in line with sections 19, subsections a and b of the CBN Act 2007, 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.
RN