Emefiele responds after Finance Minister claims FG not aware of Naira redesign

Agency1 October 29, 2022 in Business, Economy Tagged Emefiele, FG, Finance Minister, Naira - 2 Minutes

A few days after the Governor of Central Bank, Godwin Emefiele, unveiled plans to redesign the Naira and begin circulation by December 15, 2022, the Finance Minister disagreed with the move.

Vanguard report said that Zainab Ahmed, Minister of Finance, Budget and National Planning, stated that if the plan is implemented, it will .indicate great consequences for Nigeria’s economy.

But the CBN, in a swift reaction to the Minister’s opposition, said the move was approved by President Muhammadu Buhari and did not need the permission of the Finance Minister to embark on the project.

Ahmed was responding to a question by Senator Opeyemi Bamidele at the 2023 budget defence secession, warning the CBN of great consequences that may come from the action.

Bamidele had told the Minister that the announcement is already having a grave impact on the Naira barely two days after the policy announcement.

He said:

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“Just two days after the announcement of the policy, the value of the Naira to a US dollar has risen from N740 to N788 to a US dollar due to the rush in exchange of starched Naira Notes for foreign currencies, particularly the dollar.

The Minister said she was not aware but heard it via the media. According to her, the CBN did not consult the federal government or the Ministry of Finance and stated that if the policy is rolled out, it will portend grave consequences on the value of the Naira and other foreign currencies.

“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,” the Minister said.

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However, Godwin Emefiele, on Friday, October 28, 2022, defended the decision of the Bank to redesign some Naira notes, insisting that he doesn’t need to consult with the Minister of Finance to do so, according to a report by TheNiche.

Emefiele’s statement signals an escalation in the war of words between the CBN and the Finance Ministry over the decision of the apex bank to redesign some Naira notes.
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