“We’re not consulted” – Finance Ministry disowns CBN’s naira redesign

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The Minister of Finance, Budget and National Planning, Zainab Ahmed, has distanced the ministry from the Central Bank of Nigeria (CBN)’s move to redesign some naira notes.

Ahmed spoke during the defence of her ministry’s 2023 budget proposal before the Senate Committee on Finance in Abuja on Friday.

She was responding to questions from Senator Bamidele Opeyemi (APC – Ekiti Central), who warned of the dire consequences of implementing the redesign at this time.

The senator said that since the CBN made the announcement of the planned redesign, the naira had further weakened against the United States dollar.

He said what was N740/$1 has jumped to $788/$1 due to the rush to exchange stashed funds.

“To me, the policy may be well conceived, 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,” Opeyemi said.

Reacting, Ahmed said her ministry was not consulted before the policy was announced by the CBN.

The minister said that the redesign of the naira notes would have grave consequences for the nation’s currency.

“Distinguished Senators, we were not consulted at the Ministry of Finance by the CBN on the planned naira redesigning and cannot comment on it as regards merits or otherwise.

“However, as a privileged Nigerian 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.

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  1. mickykarim says

    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?

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