In response to Minister Zainab’s assertion, the Central Bank of Nigeria maintains that the redesign of naira notes was done in accordance with the law.
The CBN swiftly responded to the Minister’s outburst by stating that proper procedure was followed before the project was chosen, including obtaining the president, Muhammadu Buhari’s written consent to start the Naira notes redesign, which has been overdue for 12 years.
The president, Muhammadu Buhari backed up the statement of the CBN, he said he gave his approval to the CBN since they followed due procedure and ensured the development is for the betterment of the country at large.
Moreover, the CBN governor, Dr Godwin Emefiele in his speech on Wednesday, 26 October said the naira redesign was in line with Sections 19, Subsections a and b of the CBN Act 2007, upon 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 levels.
Importantly, the CBN spokesman, Osita Nwanisobi, expressed surprise at the minister’s assertion and emphasized that the CBN is still a meticulous organization that adheres to due process when making policy decisions. Nwanisobi claims that the CBN’s management properly requested and received President Buhari’s written consent before redesigning, producing, releasing, and dispersing a new series of bank notes.
Regarding the timeframe of the project, Nwanisobi clarified that the CBN had even waited too long given that it had to wait 20 years to carry out a redesign when the global standard was for central banks to create, print, and circulate new local legal cash every five to eight years.
The CBN spokesman expressed confidence that the effort will, among other goals, deepen Nigeria’s push to entrench a cashless economy in the face of increased minting of the eNaira. He assured Nigerians that the currency redesign exercise was strictly a central banking exercise and not targeted at any group.
Additionally, he claimed that the naira’s design will aid in reducing instances of terrorism and abduction since it will provide people access to the substantial amounts of money that are kept outside of the banking system and are utilized as a source of funding for ransom payments.
Nevertheless, the CBN in their statement didn’t deny the Ministry Of Finance had no knowledge prior to the development of the naira notes redesigns.
What could this signify?
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