…. warns of dire consequences of policy on economy.
Minister of Finance , Budget and National Planning,Zainab Ahmed, , on Friday, objected to a plan by the Central Bank of Nigeria (CBN) to redesign the Naira.
Ahmed warned that the plan by the apex bank would further weaken the nation’s economy.
The CBN governor, Godwin Emefiele had a few days ago in Abuja briefed the press on the commencement of actions on redesigning some Naira notes.
Emefiele, who announced this said that the exercise would affect the 200, 500, and 1000 denomination notes.
He said that the bulk of the nation’s currency notes was outside bank vaults and that the CBN would not allow the situation to continue, adding that the new notes will be released for public use on December 15, 2022.
The plan by the CBN however has met stiff opposition from the Minister of Finance as she claimed she learned about it in the media.
The Minister, Zainab Ahmed who was responding to a question from Senator Opeyemi Bamidele, the lawmaker representing Ekiti Central Senatorial District, during the 2023 budget defence session with the Senate Committee on Finance today said there would be severe consequences for the CBN’s action.
“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 ” Ahmed said.
