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–Pix(above, R-L): PMB and CBN Gov Emefiele
President Muhammadu Buhari has revealed that the Central Bank of Nigeria (CBN) has his full support on the decision to redesign and introduce new naira notes against the controversy raging between the apex bank and the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed.
He said he approved the policy because he was convinced it is in national interest.
Recall that Ahmed had sparked controversy as a guest of the Senate Committee on Finance during the 2023 budget defence session on Friday when she declared that she had no knowledge of CBN’s decision to redesign the nation’s currency.
Ahmed had said: “Distinguished Senators, we were not consulted at the Ministry of Finance by the CBN on the planned naira redesigning and cannot comment on it as regards merits or otherwise.”
But responding to the Finance Minister’s claim in an interactive session with some newsmen in Abuja on Friday night, CBN’s Director, Corporate Communications, Mr. Osita Nwasinobi, said the policy was approved by President Muhammadu Buhari even in writing.
Nwanisobi said: “The CBN remains a very thorough institution that follows due process in its policy actions.
“The Management of the CBN, in line with provisions of Section 2(b), Section 18(a), and Section 19(a)(b) of the CBN Act 2007, had duly sought and obtained the approval of President Muhammadu Buhari in writing to redesign, produce, release and circulate new series of N200, N500 and N1,000 banknotes,” noting that “currency management in the country had faced several escalating challenges which threatened the integrity of the currency, the CBN, and the country.”
In a statement by Buhari’s Senior Special Assistant on Media and Publicity, Mallam Garba Shehu, the President said the only people who have something to lose will be those with illicit money hidden away, not those involved in legitimate businesses and workers.
The Nation reports that the President spoke in a Hausa interview, which is scheduled to be aired on Wednesday.
“President Muhammadu Buhari on Sunday said that the decision of the Central Bank of Nigeria (CBN) to launch new designs and replace high value Naira notes had his support and is convinced that the nation will gain a lot by doing so,” the statement said, noting that “speaking in a Hausa radio interview with the famous journalist Halilu Ahmed Getso, and Kamaluddeen Sani Shawai to be aired Wednesday Morning on Tambari TV on Nilesat, President Buhari said reasons given to him by the CBN convinced him that the economy stood to benefit from reduction in inflation, currency counterfeiting and the excess cash in circulation.”
He said he did not even consider the period of three months for the change to the new notes as being short.
Quoting Buhari, the statement said: ”People with illicit money buried under the soil will have a challenge with this but workers, businesses with legitimate incomes, will face no difficulties at all.”/SHARE THIS
- Tags: PMB, Zainab Ahmed, Godwin Emefiele, CBN, currency redesign