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Zainab Ahmed, the Minister of Finance, Budget and National Planning, on Friday, rejected a plan by the Central Bank of Nigeria (CBN) to redesign Nigeria’s currency notes, the Naira.
POLITICS NIGERIA reports that Ahmed warned the apex bank of its consequences on Nigeria’s troubled economy.
The CBN had commenced actions on redesigning some Naira notes.
The CBN Governor, Godwin Emefiele, who announced this at a press briefing in Abuja earlier this week, said that the exercise would affect the upper denominations: 200, 500, and 1000 notes.
Emefiele stated that the bulk of the nation’s currency notes was outside bank vaults and that the CBN would not allow the situation to continue, adding that the new notes will be released for public use on December 15, 2022.
But reacting to this development, Ahmed expressed her objection.
The Minister was responding to a question from Senator Opeyemi Bamidele, the lawmaker representing Ekiti Central Senatorial District, during the 2023 budget defence session with the Senate Committee on Finance today.
She said there would be severe consequences.
“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 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,” Ahmed said.
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