WITH the recent opposition by the Ministry of Finance in the redesigning of the Naira notes, the Central Bank of Nigeria (CBN) has come out to announce that it followed the laws and the right processes set out for the redesigning of Naira.
It will be recalled that yesterday, the Minister of Finance, Budget and National Planning, Zainab Ahmad, had given her reservations on the plans to redesign the Nigerian currency but CBN, saying that her ministry was not consulted.
However, the CBN has this morning send in a terse statement as a response to the stands of the Finance Minister’s claims that she was not consulted when the plans were made.
Mr Osita Nwanisobi, who is the spokesman of CBN in the terse statement said he was surprised that the Minister said she was not aware, saying that the CBN had passed through the right processes in the decision.
“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,” Mr Nwanisobi said.
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The CBN’s spokesman also advised Nigerians to stand in support of the plan to redesign the currency, noting that the project is done based on the overall interest of Nigeria and will help to curtail hoarding of banknotes outside commercial banks.
Mr Nwanisobi also added that the Central Bank had even delayed in the redesigning of the Naira notes for twenty years, which is far away from the standard practice of redesigning and circulating new Naira notes after the interval of eight to give years.
