The CBN Governor, Godwin Emefiele, on Wednesday, said the bank arrived at the decision to redesign N100, N200, N500 and N1000...
A former deputy governor of the Central Bank of Nigeria , Kingsley Moghalu, has expressed his support for the bank’s decision to redesign some of the country’s currency notes.
But the Minister of Finance, Budget and National Planning, Zainab Ahmed, on Friday, kicked against the policy, noting that she and her officials were neither informed nor consulted by the CBN. “They were affirming their statutory responsibility as the sole institution responsible for the issuance and management of the legal tender currency of Nigeria which is the naira. Note the emphasis on sole institutions, that responsibility is not shared with anyone else. So the CBN is doing its job in saying they have come to a judgement that the time has come to redesign the naira notes and there are a number of reasons behind that which I’m sure we will discuss.
Mr Moghalu explained the two decision making phases in the CBN and the role of the federal ministry of finance.According to him, there are two decision making bodies in the bank, namely the Committee of Governors, which include Mr Emefiele and the four deputy governors of the central bank and the board of directors.
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