Redesigned Naira: Finance Minister Tackles CBN Governor, Asks Lawmakers To Summon Emefiele

The Finance Minister, Zainab Ahmed, has asked the National Assembly to summon the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, over the redesigned naira notes.

Ahmed said the central bank chief did not consult with her ministry before informing the public of CBN’s plan to release the redesigned naira notes by December 15, 2022.

Prime Business Africa had reported that Emefiele stated the N200, N500 and N1000 will be redesigned to fight money laundering, hoarding and soaring inflation.

Ahmed revealed that the decision will negatively affect the value of the naira against other foreign currencies. PBA had already reported that the dollar rate has increased by N15 since Emefiele announced the decision, selling at N775 in the black market, in the early hours of Friday – but sold at N444.5 in the official market on Thursday.

In her statement during a 2023 budget defence session, Ahmed 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 its 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 to other foreign currencies.

“I will however appeal to this committee to invite the CBN governor for required explanations on the merits of the planned policy and rightness or otherwise of its implementation now.”