We were not informed about CBN’s Naira redesign plan – Minister of Finance, Zainab Ahmed

The Minister of Finance, Budget and National planning, Zainab Ahmed has disclosed that the finance Ministry was not informed about the Apex bank’s decision to redesign the Naira.

CBN governor, Godwin Emefiele had announced that the bank will be redesigning the N200, N500 and N1000 denominations and that the new notes will be launched on December 15, 2022. He also mentioned that the old notes will seize to be used as a legal tender from January 31, 2023.

However, Ms. Zainab Ahmed has distanced the Federal government from the plan. Speaking during the 2023 budget defence at the Nigerian Senate on Friday, October 28, Ahmed said if the redesigning is implemented, it would portend great consequences for the nation and its economy

She said;”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 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.”