Buhari Approved Naira Redesign, CBN Replies Finance Minister

The Central Bank of Nigeria (CBN) has replied the Minister of Finance, Budget and National Planning, Zainab Ahmed, who said her ministry was not carried along in the redesigning of the three series of the naira note.

During a senate committee on Friday, the minister had described the process as ill-timed.

Zainab had warned that the redesign, production and circulation of new Naira notes could cause harm to the nation and its economy.

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However, reacting to the minister’s comment, spokesman for the apex bank, Mr. Osita Nwanisobi, said the CBN remains a very detailed institution.

He explained that the management of the CBN followed due process in line with provisions of section 2(b), section 18(a), and section 19(a)(b) of the CBN Act 2007.

Nwanisobi said CBN had duly sought and obtained the approval of President Muhammadu Buhari in writing to redesign, produce, release and circulate new series of N200, N500, and N1,000 banknotes.

Additionally, he urged Nigerians to support the currency redesign project.

Nwanisobi added that the development was in the overall interest of Nigerians, restating that some persons were collecting significant sums of banknotes outside the vaults of commercial banks.

This trend, he said, should not be encouraged by anyone who means well for the country.

Furthermore, he noted that currency management in the country had faced several escalating challenges which threatened the integrity of the currency, the CBN, and the country.