The Minister of Finance, Budget and National Planning, Zainab Ahmed has faulted the Central Bank of Nigeria (CBN) timing of the redesigning of the Nigeria’s Naira banknotes, saying that even though she was not consulted, but the policy “portends serious consequences on value of Naira to other foreign currencies.”
Ahmed was responding to questions and concerns raised by Senator Opeyemi Bamidele, during the 2023 budget defence session Friday.
OPTIMUM TIMES recalls that the CBN Governor, Godwin Emefiele, had while announcing the proposed redesigning of the Naira banknotes on Wednesday, said that President Muhammadu Buhari has approved the policy. The banknotes set for redesigning include N200, N500 and N1000.
Emefiele had also indicated that the mop of the old notes ( the current notes in circulation) takes immediate effect till January 31, 2023, after which timeframe, those still in possession of the old notes, will be carrying illegal tender (ordinary paper).
According to Vanguard report, Senator Bamidele who had in his question told the Finance Minister that barely two days after announcement of the policy by CBN , repercussion of it on the value of Naira to US dollar was being felt, 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.”
While answering the question, the Minister said she is not aware of the policy but only heard of it from the media .
The Finance 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.”
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