Don’t redesign the Naira, FG warns CBN Governor, Emefiele 

Don’t redesign the Naira, FG warns CBN Governor, Emefiele

By Samuel Ogunsona

The Presidency does not agree with attempts by the Central Bank of Nigeria, (CBN) to redesign new Naira notes, Irohinoodua has learnt.

The contrary position of the Federal Government is coming few hours after the Central Bank of Nigeria, CBN, Godwin Emefiele said new Naira notes would be introduced in December this year in an attempt to mop up fake currency currently also compel illicit funds to be returned to the Banks.

The recent position of the Federal Government is believed to represent a major policy conflict in the management of the country’s financial scheme.

Emefiele had said that 80 percent percent funds in circulation are in private hands outside the financial system.

 But the Minister of Finance, Budget and National Planning , Zainab Ahmad has disagreed. She said if the policy is effected the consequences for the nation and its economy would be fatal.

The position of the Minister of Finance is believed to represent that of the Presidency

Zainab Ahmad warned the CBN of consequences that may arise from it .

She spoke when the Senator representing Ekiti Central, Bamidele question the Finance Minister on the policy.

The Minister said “To me , the policy may be a well conceived one , but the timing going by realities on ground , is very wrong as the Naira may fall to as low as N1,000 to a US dollar before January 31, 2023 fixed for full implementation of the policy.”
While answering the question, the Minister said she is not aware of the policy but only heard of it from the media .

She said “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 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.”

CBN Governor Emefiele midweek said CBN would redesign 200 Naira denomination to N1,000 notes .