We sought and obtained the approval of the President – CBN replies Finance Minister

• The CBN has reacted to the statement of the Minister of Finance, Zainab Ahmed, who claimed her ministry was not consulted on the redesigning of the Naira Notes.
• The spokesman of CBN said the management of the National Bank had duly sought and obtained the approval of President Muhammadu Buhari.
• Speaking on the timing of redesigning the Naira notes, he also disclosed that CBN had waited for 20 years to carry out the project.

The Central Bank of Nigeria (CBN) has reacted to the statement of the Minister of Finance, Budget and National Planning, Zainab Ahmed, who claimed her ministry was not consulted on the redesigning of the Naira Notes. The National institution noted that they had duly sought and obtained the approval of President Muhammadu Buhari in writing to redesign the Naira Notes.

Recall that the Minister had dissociated herself from the Naira redesign policy planned by the Central Bank of Nigeria (CBN). She said her ministry was not consulted on the said policy before it was broadcasted by the media. The minister made these statements while commenting on the policy in response to questions raised by Senators during the 2023 budget defense session.  She also warned CBN of consequences that may arise from the policy.

The spokesman of CBN, Osita Nwanisobi, while reacting to the Minister’s statement said the  Central Bank remains a very thorough institution. He said the management of the CBN had duly sought and obtained the approval of President Muhammadu Buhari in writing to redesign, produce, release and circulate new series of banknotes.

Nwanisobi also called on Nigerians to support the currency redesign project, adding that the process is in the interest of Nigerians. He claimed that some persons are hoarding significant sums of banknotes outside the vaults of commercial banks, which should not be encouraged by anyone who means well for Nigeria.

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He further stated that the currency management in Nigeria has faced several escalating challenges which threatened the integrity of the currency, the CBN, and the country. He added that every top-rate Central Bank was committed to safeguarding the integrity of the local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy.

Speaking on the timing of redesigning the Naira notes, Nwanisobi disclosed that CBN had waited for 20 years to carry out the project. He noted that the standard practice globally is for CBN to redesign, produce and circulate new local legal tender every five to eight years.  He however assured Nigerians that the currency redesign exercise is not targeted at any group.

The CBN spokesman noted that the process will deepen Nigeria’s push to entrench a cashless economy in the face of increased minting of the e-Naira. He also said will help curb the incidents of terrorism and kidnapping due to access of persons to the large volume of money outside the banking system used as a source of funds for ransom payments.

Nwanisobi, therefore, urged Nigerians, irrespective of their status, to support the Naira redesign project, as it is for the greater good of the economy.