By Uzair Adam Imam
There have been up and downs concerning the re-design of the Naira note in Nigeria as the Central Bank of Nigeria (CBN) and Ministry of Finance, Budget and National Planning continue to trade words over the development.
The minister of Finance, Budget, and National Planning, Zainab Ahmed argued that the CBN’s proposal to redesign the Naira might not yield any good result. Ahmed stated that the redesign would have serious negative effects on the country’s crippling economic growth.
However, the Spokesman of the CBN, Osita Nwanisobi, challenged Ahmed, who said her ministry was not carried along.
Nwanisobi reiterated that CBN duly sought for the approval of President Muhammadu Buhari which he granted immediately.
The Daily Reality recalls that the CBN Governor, Godwin Emefiele announced the intention of the CBN to redesign, produce, release and circulate new series of N200, N500, and N1,000 banknotes.
Re-designation of Naira portends serious consequences – Ahmed
“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 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 stated.
CBN was surprised by what Ahmed said
However, the CBN spokesperson, Nwanisobi expressed surprise at the minister’s claim, stressing that the CBN remains a very thorough institution.
He said the decision of the CBN management is in line with provisions of section 2(b), section 18(a), and section 19(a)(b) of the CBN Act 2007.
He also urged Nigerians to support the currency redesign project.