•••Says He Is Under No Obligation To Consult Her
•••Apex Bank Has Followed Due Process
Fred Harrison, Abuja
The Central Bank of Nigeria (CBN), has responded to the Minister of Finance, Budget and National Planning, Zainab Ahmed’s claim that her office was not consulted in the plans to redesign some naira notes.
The CBN spokesman Osita Nwanisobi in a statement on Friday disclosed that the apex bank followed due process as far as redesigning three series of the naira was concerned.
According to Nwanisobi, shocked and surprised at the minister’s claim, explaining that the CBN remains a very thorough institution.
He said 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 the President Muhammadu Buhari in writing to redesign, produce, release and circulate new series of N200, N500, and N1,000 banknotes.”
He appealed to all Nigerians to support the currency redesign project; adding that it for the overall interest of Nigerians.
He reiterated the fact that some persons were hoarding significant sums of banknotes outside the vaults of commercial banks.
According to him, the hoarding should be discouraged by anyone who means well for the country.
The statement noted that currency management in the country had faced several escalating challenges that threatened the currency’s integrity, the CBN, and the country.
Nwanisobi explained that every top-rate Central Bank was committed to safeguarding the integrity of the local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy.
Nwanisobi explained that the CBN had even tarried for too long, considering that it had had to wait for 20 years to carry out a redesign, whereas the standard practice globally was for central banks to redesign, produce and circulate new local legal tender every five to eight years.
He assured Nigerians that the currency redesign exercise was purely a central banking exercise and not targeted at any group.
The CBN spokesman expressed optimism that the effort would, among other goals, deepen Nigeria’s push to entrench a cashless economy in the face of increased minting of the eNaira.
According to him, the process is in addition to help curb the incidents of terrorism and kidnapping due to access of persons to the large volume of money outside the banking system used as a source of funds for ransom payments.
Nwanisobi urged Nigerians, irrespective of their status, to support the Naira redesign project, as it was for the greater good of the economy.
Recall that Ahmed had told the Senate committee on Friday that CBN governor Godwin Emefiele, didn’t consult her ministry and that he should be invited to explain the purpose of the new naira notes as she only read about the policy in the media like everyone else.
She described the move to redesign the notes as ill-timed and that it will significantly affect the Nigerian currency.
