Minister of Finance, Budget, and National Planning, Zainab Ahmad says she only learnt of the move by the Central Bank of Nigeria ( CBN) to redesign the naira via media.
Speaking at the 2023 budget defense session with the Senate Committee on Finance, Senator Opeyemi Bamidele (APC Ekiti Central) queried the CBN’s decision, adding that two days after the announcement of the plan, the effect on the value of the naira to the US dollar was being felt.
“Just two days after the announcement of the policy, the value of naira to a US dollar has risen from N740 to N788 due to a rush in exchange of naira notes for foreign currencies, particularly dollars.
But the Minister said she and her ministry are not aware of the policy but only heard of it from the media.
“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 the value of the naira to other foreign currencies.
She consequently asked the Senate to summon the CBN Governor to explain the merit of the policy.
The CBN Governor, Godwin Emefiele, had on Wednesday said that the apex bank would redesign the country’s currency from N200 denomination to N1000 notes.