• News - North Central - FCT
  • Updated: October 28, 2022

FG Expresses Disapproval With CBN On Naira Redesign

The Federal Government has expressed its disapproval with the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele days after the announcement that the apex bank would redesign the country’s currency notes in December. 

The Minister of Finance, Budget and National Planning, Zainab Ahmad said the redesigning would portend great consequences for the nation and its economy.

Zainab who commented on the policy in response to a question raised by Senator Opeyemi Bamidele during the 2023 budget defence session in Abuja on Friday warned CBN of consequences that may arise from it.

Bamidele who had in his question told the Finance Minister that barely two days after the announcement of the policy by CBN, the repercussion of it on the value of the Naira to the US dollar was being felt.

“To me, the policy may be a well-conceived one 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.”

While answering the question, the Minister disclosed that she was not aware of the policy but only heard of it from the media.

"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.”


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