Tobi Osindero
Governor of the Central Bank of Nigeria, Godwin Emefiele, has said that he did not need to consult the Minister for Finance, Zainab Ahmed to redesign some Naira notes.
Emefiele said this in response to Ahmed’s statement that the Ministry for Finance was not carried along in the policy to redesign the N200, N500 and N1000 notes.
Zainab, while responding to a question raised by Senator Opeyemi Bamidele ( APC Ekiti Central) during the 2023 budget defence session, said that the policy would have severe consequences on the value of the naira.
“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 .
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” 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 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 .
Responding in a statement issued on Friday, Emefiele insisted that he did not need to consult Ahmed to redesign the Naira notes.
He quoted relevant sections of the law establishing the apex bank in the country and said the move was in was in line with Sections 19, subsections A and B of the CBN Act 2007.
The CBN governor said it was based on the law that the management of the apex bank 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.
“With the president’s approval in writing, the CBN does not need to consult anyone else,” the statement read
