The Minister of Finance, Budget and National Planning, Zainab Shamsunna Ahmad said the Central Bank Of Nigeria (CBN) did not inform the Ministry of Finace about its plan to redesign naira.
During the 2023 budget defense section with the Senate Committee Finance on the 28th of October, Senator Opeyemi Bamidele (APC Ekiti Central) made a statement that somewhat seemed like an opinion.
He said,
“Just two days after the announcement of the policy, the value of naira to a U.S. dollar has risen from N740 to N788 due to rush in exchange of starched naira notes for foreign currencies, particularly the dollar.
“To me, the policy may be a well-conceived one but the timing going by the realities on the 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,”
The Minister responded to Senator Opeyemi by saying the Ministry of Finance was not notified about the development on the redesign of Naira by the CBN, hence the only heard about it through the media.
In her words, she started,
“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 the naira against 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.”
The statement by the minister is a marvel to most people in the country. It is surprising the Ministry Of Finance was not consulted in regards to such a bold step to redesign #200, #500 and even #1000 notes.
What could have caused this negligence from CBN to the Ministry of Finance?
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I don’t think the title of your article matches the content lol. Just kidding, mainly because I had some doubts after reading the article.
I don’t think the title of your article matches the content lol. Just kidding, mainly because I had some doubts after reading the article.