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CBN didn’t consult FG on new naira notes – Minister

The Federal Government has stated that is had prior knowledge about the Central Bank of Nigeria plan to redesign the N100, N200, N500 and N1000 naira notes.

According to Vanguard, the Minister of Finance, Budget and National Planning , Zainab Ahmad, stated that if done, the move would cause great consequences for the nation and its economy.

Zainab while speaking at the 2023 budget defence session, warned CBN of consequences that may arise from it.

“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.” She stated.

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