We Are Not Aware Of Plans By CBN To Redesign Naira, We Only Heard It In The Media, Says Finance Minister

3 months ago603 views

Minister of Finance, Budget, and National Planning, Zainab Ahmad, has disassociated her ministry from the planned move by the Central Bank of Nigeria ( CBN) to redesign the naira. Senator Bamidele had told the minister that barely two days after the plan's announcement, 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. In her quick response, the minister said she and her ministry were unaware 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 regarding 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 severe consequences for the value of the naira to other foreign currencies. "I will, however, appeal to this committee to invite the CBN governor for required explanations as regards merits of the planned policy and rightness or otherwise of its implementation now," she said.

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