Zainab Ahmed, the Minister of Finance, Budget and National Planning, on Friday, rejected a plan by the Central Bank of Nigeria (CBN) to redesign Nigeria’s currency notes, the Naira.
POLITICS NIGERIA reports that Ahmed warned the apex bank of its consequences on Nigeria’s troubled economy.
The CBN had commenced actions on redesigning some Naira notes.
The CBN Governor, Godwin Emefiele, who announced this at a press briefing in Abuja earlier this week, said that the exercise would affect the upper denominations: 200, 500, and 1000 notes.
Emefiele stated that the bulk of the nation’s currency notes was outside bank vaults and that the CBN would not allow the situation to continue, adding that the new notes will be released for public use on December 15, 2022.
But reacting to this development, Ahmed expressed her objection.
The Minister was responding to a question from Senator Opeyemi Bamidele, the lawmaker representing Ekiti Central Senatorial District, during the 2023 budget defence session with the Senate Committee on Finance today.
She said there would be severe consequences.
“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 the 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,” Ahmed said.
Great idea. Anyone against is automatically rooting for kidnapers, bandits, illicit drug and fake pharmaceuticals importers.
The Finance Minister is absolutely right. The planned redesign of the Naira and issuance of N2,000.00 and N5,000.00 Naira notes is a death nail on the Nigeria Economy. National Assembly should by all means stop it.
Kudos!
MOST EMBARRASING.
THE CLUELESS FAILURE AT THE HELMS OF AFFAIRS OF THE CBN, Godwin Emefiele SHOULD HAVE BEEN RELEIVED OF THE GRIP OF THE MONENATRY POLICY OF NIGERIA AND LONG SHOWN THE WAY OUT OF THE OFFICE.
Mr. Godwin Emefiele who is the Governor of the CBN, currently has run out of ideas about how to improve the fiscal policies that would turn around the economy of Nigeria for good.
IT IS HIGH TIME HE LEFT. IF OUR FORTUNES MUST IMPROVE AND PROGRESS.
THE MOST ABSURD ILLOGICAL EXCUSE EVER.
“According to him, actions are being taken in order to take control of the currency in circulation.
He stated that the bulk of Nigeria’s currency notes were outside bank vaults and that the CBN would not allow the situation to continue.”.
MEANING, THE NEW NOTES WOULD FOREVER REMAIN LOCKED UP IN THE CBN VAULTS AND THE PEOPLE RETURNING THE CURRENT NOTES FOR EXCHANGE WOULD NOT NEED THEM FOR THE REASON THEY KEPT THEM IN THE FIRST INSTANCE.
All these Adam Smith economic philosophies are rustic outdated and not applicable to the reality of today’s economy.
YOU WOULD RECALL HOW IN SAME VEIN, THE HIKE IN INTEREST RATE HAVE NOT SOLVED THE ECONOMIC MALAISE RAVAGING THE ECOUNTRY, CURRENTLY.
The Adam Smith’s people cum economists!
MEANWHILE THE REASON FOR THE CHANGE HAS AGAIN SHIFTED. IT IS NO LONGER ABOUT TOO MUCH CURRENCY OUTSIDE THE VAULTS OF THE CBN. THE RESON NOW IS COUNTERFEIT.
Which will be the next THIUGHTLESS reason to continue to balkanize the Nigerian economic life?
WITH Godwin Emefiele STILL IN CHARGE AT THE CBN. NIGERIA IS HEADED FOR A KNEEJACK ECONOMY AND FOR THE BRINK.
How can the ministry of finance be kept in the dark in the scheme of things of the Nigerian economy?
You shut up… you abuse people without suggestions on the way forward.
I started reading this write up with enthusiasm and a gargantuan appetite warranted by my hunger for something delicious to read but after a few lines, I felt like throwing up because d writer’s is subjective, unpatriotic and poisonous for a Nation like Nigeria! D writer has no interest in d socio economic development of our dear Nation! God bless Nigeria!!!
The central bank of every country is independent of the ministry of finance except in nigeria. While the govt is concerned with fiscal policies, the central bank manages the monetary policies.
If the CBN has genuine reasons to redesign the naira, why should the ministry of finance stop them?
Pls can someone explain to me how renovating a house, redecorating ur parlor, changing ur book cover, buying new phone pouch,repainting ur car devalue the original product
In a sane government this useless man should have been booted out of office long time ago. Emiefele is the most useless central bank governor i have ever seen
What’s d hope for Nigeria under fulani conquest invasion? But for d gullibility of Nigerians, civil unrest would have started on d day both president and vice left d country for two different overseas engagement one of which was burial of Queen E II while d second was another UN engagement. Too bad.what is certain is BREAK-UP of Nigeria God willing.
I started reading this write up with enthusiasm and a gargantuan appetite warranted by my hunger for something delicious to read but after a few lines, I felt like throwing up because d writer’s is subjective, unpatriotic and poisonous for a Nation like Nigeria! D writer has no interest in d socio economic development of our dear Nation! God bless Nigeria!!!