Redesign Of Naira Notes: I Don’t Need To Consult Ministry Of Finance – CBN Gov

By Ayodele Oni

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, in response to the claim of ignorance by Mrs Zainab Ahmed, Minister of Finance, of the redesigning of some Nigerian currencies, said he doesn’t take instructions from the Ministry.

The proposed policy may have triggered a no-love-lost relationship between the two Federal Government institutions.

Emefiele, who reacted to the Minister’s assertion on Friday night defended the decision of the CBN to redesign some Naira notes, insisting that he didn’t need to consult with the Minister of Finance to do so.

He maintained that the planned policy 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.

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, had told the National Assembly on Friday that she knew nothing about the decision of the CBN to redesign some Naira notes.

The Minister spoke barely 48 hours after Emefiele announced that the redesigned notes would become official legal tenders by December 15, 2022.

The Minister, who commented on the policy in response to a question by Senator Opeyemi Bamidele (APC – Ekiti Central) during 2023 budget defence session with the Senate Committee on Finance, warned the CBN of consequences that may arise from it.

But countering the Minister, Emefiele on Friday evening, said the CBN does not need to consult anyone to redesign the Naira.

Quoting relevant sections of the CBN Act to back up his claim, Emefiele said he got the approval of President Muhammadu Buhari to redesign, produce and circulate Naira notes, stating that the step he took was the position of the law.

“With the president’s approval in writing, the CBN does not need to consult anyone else.”