Naira Re-designing: Emefiele On His Own – FG; Crack Appears In Buhari’s Government

By Gideon Njoku

Is it possible for the Governor of the Central Bank of Nigeria, Godwin Emefiele, to announce the redesigning of the Naira without the knowledge of the Federal Government?

Is it possible for him to make it public without any clearance from President Muhammadu Buhari and/or the Ministry of Finance?

These are the questions Nigerians are asking after the Minister of Finance and Budget, Zainab Ahmad, told the House of Representatives that neither she nor the Ministry was aware of Emefiele’s and CBN’s plans.

She told the Committee of the  House on Finance and Budget during the defence of the 2023 Budget, in answer to a question by Senator Opeyemi Bamidele, on the consequences the Naira redesigning would have on the value of the Naira, that she only read about the redesigning of the Naira in the media.

“Distinguished Senators, we were not consulted at the Ministry by the 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 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.”

Emefiele had announced the redesigning of the 200, 500 and 1000 Naira denominations on Wednesday, October 26, 2022.

48 hours after the announcement, the Naira fell, on Friday, badly, to the Dollar, exchanging for N788 to a Dollar.

The interpretation of this denial by the Minister is that there is a crack in President Muhammadu Buhari’s Government.

Recall that CBN Governor Emefiele had on Wednesday said that the apex bank would redesign the country’s currency from 200 Naira denomination to N1,000 notes .

Emefiele said the action was taken in order to take control of the currency in circulation just as he posited that  the  bulk of the nation’s currency notes were outside bank vaults and that the CBN would not allow the situation to continue.

According to him, 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.