Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed, has distanced herself and her ministry from the planned naira redesign policy being championed by the Central Bank of Nigeria (CBN). The finance minister on Friday told the Senate Committee on Finance that the CBN did not consult her ministry on the planned naira redesigning and therefore, she cannot comment on it as regards its merits or otherwise.
Nigerian Finance Minister Distances Self, Ministry From Naira Redesign Policy, Warns Central Bank Of ConsequencesThis comes two days after the CBN Governor, Godwin Emefiele, announced plans to redesign the naira, particularly the N200, N500 and N1,000 notes
This comes two days after the CBN Governor, Godwin Emefiele, announced plans to redesign the naira, particularly the N200, N500 and N1,000 notes beginning from December 15, this year. It was observed that two days after the announcement of the policy, the value of the naira to a US dollar rose from N740 to N788 due to a rush in exchange of stacked naira notes for foreign currencies, particularly dollars.
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