Economy

“Naira Will Suffer More” – FG Disowns CBN On Plans To Redesign Naira Notes

Published

2 years ago

October 29, 2022

The Federal Government on Friday distanced itself from the planned redesign of the Naira notes by the Central Bank of Nigeria (CBN). The CBN Governor, Godwin Emefiele, announced on Wednesday that the N200, N500, and N1000 notes would be redesigned effective from December 15.

Emefiele noted the planned policy was in consonant with Sections 19 (A) and (B) of the CBN Act 2007 which allowed the apex bank to seek and obtain the approval of President Muhammadu Buhari on the matter.

He stressed that the move aimed to control the currency in circulation and check insecurity in the country.

Federal government is not in support Edujandon.com reports Zainab Ahmed, Minister of Finance, Budget, and National Planning, who reacted to the plan during a 2023 budget defence session in the National Assembly, expressed reservations about redesigning some naira denominations by the Central Bank of Nigeria (CBN).

According to her, the redesign of the Naira would negatively affect the country’s economy if implemented. When pressed further on the plan, Ahmed said he only got to know about it in the news.

The minister said:

“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 its 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 on the merits of the planned policy and rightness or otherwise of its implementation now.”