Ministry Of Finance Not Consulted By CBN On Redesign Of Naira Notes – Zainab Ahmed

Minister of Finance, Zainab Ahmed said her ministry was not consulted by the Central Bank of Nigeria (CBN) before deciding to redesign naira notes by December.

Zainab Ahmed Reacts To Redesign Of Naira Notes

Zainab Ahmed stated this on Friday during the budget debate of the Ministry of Finance, Budget, and National Planning in Abuja.

According to her, consequences will follow even though one of the reasons for the decision is to manage inflation.

“We were not consulted,” she said. “It was an announcement that we heard. Part of the reasons that were advocated is that it is one of the ways to mop up the liquidity to manage inflation.

“But there are also consequences – we are looking at what the consequences will be. There will be some benefits but there will be some challenges.

“And I don’t know whether the monetary authorities have looked very closely at what the consequences and how they will mitigate it.”

Recall that Kanyi Daily reported that the CBN had on Wednesday, said it would release redesigned Naira notes by December 15, 2022.

Governor of the bank, Godwin Emefiele, who announced this during a press briefing in Abuja, said the existing notes would seize to be regarded as legal tender by January 31, 2023.

Emefiele said that it is worrisome that 85 per cent of the currency in circulation is being hoarded by Nigerians.

The apex bank governor added that the redesigning of the naira notes would help to curb counterfeit notes, as well as hamper ramson payment to terrorists and kidnappers.