The Central Bank of Nigeria, CBN, has expressed surprise over the claim by the Minister for Finance, Budget and National Planning, Mrs Zainab Ahmad, that she was not consulted on the plan to redesign three Naira denominations – 200, 500, 1000 notes.
The Minister had caused a stir on Friday when she told the Senate Committee on Finance, Budget and National Planning while defending the Budget, that she was unaware of the redesign as neither she nor the Ministry was consulted. She also advised against the policy.
The Minister’s response not only gave the impression of a divided house, it presented her as irrelevant in the scheme of things. A shocked economist noted: “The decision to redesign the Naira notes was not a one night decision. If the Minister was not aware, and as she said read it in Media, it means she is irrelevant and should quit from office.”
However in a swift response to the Minister’s embarrassing response, the CBN explained that it not only followed every due process, but that President Muhammadu Buhari approved it.
Speaking with a group of Reporters Friday night,
CBN spokesman, Osita Nwanisobi, stressed that “the CBN remains a very thorough institution that follows due process in its policy actions.”
Nwanisobi submitted that “the Management of the CBN, in line with provisions of section 2(b), section 18(a), and section 19(a)(b) of the CBN Act 2007, had duly sought and obtained the approval of President Muhammadu Buhari in writing to redesign, produce, release and circulate new series of N200, N500 and N1,000 banknotes.”
He also noted that thar the redesign was 12 years overdue, asked for support, and emphasized that
it was in the “overall interest of Nigerians.” He revealed that some people “were hoarding significant sums of banknotes outside the vaults of commercial banks”, and added that it should not be encouraged.
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