Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed, has rejected a plan by the Central Central Bank of Nigeria (CBN) to redesign the naira, warning the apex bank of its consequences on the country’s troubled economy.
Ahmed expressed her opposition to the policy in response to a question raised by Senator Opeyemi Bamidele during the 2023 budget defence session she had with the Senate Committee on Finance.
The Minister warned CBN of the consequences that may arise from the exercise.
Senator Bamidele had in his question, told the Finance Minister that barely two days after the announcement of the policy by CBN, repercussions of it on the value of naira to the US dollar were being felt.
Surprisingly the Minister in her response said she and her Minister for State are not aware of the policy as they only heard of it from the media.
“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.
“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 the Naira against other foreign currencies.
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“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.”
Recall that the CBN Governor, Godwin Emefiele had Wednesday dropped the hint, revealing that the incoming exercise would redesign the Nigerian currency, starting from N200 denomination to N1,000 notes.
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