Two days after the Central Bank of Nigeria (CBN) announced planned redesign of the naira the minister of Finance, Budget and National Planning, Zainab Ahmad,
Speaking during the budget defence, Senator Opeyemi Bamidele noted that barely two days after announcement of the policy by CBN, repercussion of it on the value of naira to US dollar was being felt.
“To me, the policy may be a well conceived one, but the timing going by realities on ground is very wrong as the Naira may fall to as low as N1,000 to a US dollar before January 31, 2023 which is a time fixed for full implementation of the policy,” Opeyemi 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.
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