The Federal Government has disowned the Central Bank Governor, Godwin Emefiele on bank’s new policy to distribute redesigned Naira notes.
Emefiele had announced that the apex bank would redesign, produce and circulate new Naira notes starting on December 15, 2022.
However, Minister of Finance, Budget and National Planning , Zainab Ahmad has warned against the implementation of the policy.
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She warned that the policy, if implemented, would threaten the nation and its economy.
Zanaib gave the warning while responding to a question raised by Senator Opeyemi Bamidele, during the 2023 budget defence session, warning the CBN that consequences that may arise from the move.
Senator Bamidele noted that barely two days after the announcement of the policy by the apex bank, there was heavy repercussion on the value of Naira.
He said;
”Just two days after announcement of the policy , value of Naira to a US dollar has risen from N740 to N788 to a US dollar due to rush in exchange of starched Naira Notes for foreign currencies, particularly dollar.
“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.”
Responding to Bamidele, Zanaib said she is not aware of the policy and had only heard of it on the media .
The minister 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, Godwin Emefiele had on Wednesday revealed that apex bank would redesign the 200, N500 and N1,000 notes .
According to Emefiele, the move would help the CBN take control of the currency in circulation just as he posited that the bulk of the nation’s currency notes were outside bank vaults and that the CBN would not allow the situation to continue.
