The Minister of Finance , Budget and National Planning , Zainab Ahmad says her Ministry was not informed about the redesign naira policy of the CBN.
Hajia Ahmad stated this when she appeared before the Senate Committee on Finance for the ministry s 2023 .budget .
According to the Minister, her Ministry was not consulted by CBN on the planned Naira redesigning and cannot comment on the merits and demerits .
,’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 more explanations as regards merits of the planned policy and rightness or otherwise of its implementation now “, she said .
The CBN Governor , Godwin Emefiele had on Wednesday said that the bank would redesign the country’s currency from 200 Naira denomination to N1,000 notes.
He said that the action was taken to take control of the currency in circulation and that the bulk of the nation’s currency notes were outside bank vaults which the Apex bank would not allow.
According to him the policy was in line with Sections 19, Subsections a and b of the CBN Act 2007, which the Management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N200, N500, and N1,000 notes.