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CBN didn’t tell us about plans to redesign naira – Finance Minister

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has stated she knew nothing about the recent decision of the Central Bank of Nigeria(CBN) to redesign the N200, N500, and N1,000 notes.

Ahmed stated this while responding to a question by Senator Opeyemi Bamidele (APC – Ekiti Central) during the 2023 budget defence session with the Senate Committee on Finance

EMERALDLOADED had reported that the CBN Governor, Godwin Emefiele, had during a special press briefing in Abuja, announced that the introduction of the new naira notes will take effect from December 15, 2022.

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The Minister said she and her Ministry, were not aware of the policy but only heard about it from the media.

“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,” she said.

Emefiele had on Wednesday said that the action was taken to take control of the currency in circulation, pointing out the bulk of the nation’s currency notes were outside banking operations.

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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