Kester E.
Zainab Ahmed, the minister of finance, the budget, and national planning, has expressed her disagreement with the CBN intentions to redesign some Naira notes.
Remember that the CBN governor, Godwin Emefiele, declared on Wednesday that the bank would redesign the N200, N500, and N1000 denominations and introduce the new notes on December 15, 2022. He also noted that as of January 31, 2023, the old notes will no longer be accepted as legal tender. Emefiele claimed that the measure was made to seize control of the money in circulation and that the CBN would not permit the situation to persist because the majority of the country’s currency notes were not in bank vaults.
Ms. Zainab Ahmed, however, has stated that the Federal government is not a part of the scheme. According to Vanguard, Ahmed stated today, October 28, during the Nigerian Senate’s defense of the 2023 budget that if the plan is put into place, it would have serious ramifications for the country and its economy.
Senator Bamidele informed the Finance Minister during the interactive session with the parliamentarians that effects of the CBN’s policy on the value of the Naira to the US dollar were already being felt just two days after it was announced.
”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.
