Naira redesign: We are not aware - FG denies CBN, issues warning

Naira redesign: We are not aware – FG denies CBN, issues warning

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The Minister of Finance, Budget and National Planning, Zainab Ahmed, has distanced herself from the arranged naira redesign, which was announced by the Central Bank governor, Mr. Godwin Emefiele, few days ago.

The Minister, who repudiated the policy, said it doesn’t get the blessing of the Ministry of Finance and cautioned of the alarming consequences.

Responding to questions from Senator Bamidele Opeyemi representing Ekiti Central Senatorial district on Friday at the National Assembly, where she showed up before the Senate Committee on Finance for the 2023 budget defence of the ministry, the minister kept up with that the policy might be great, yet coming at the wrong time.

Opeyemi said the proclamation might have triggered a rise in naira to US dollars as far as worth, considering that naira has bounced from N740 to N788 to a US dollar because of rush in exchange of stashed funds.

Opeyemi said: “To me, the policy may be well conceived, 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 fixed for full implementation of the policy”, he said.

Answering, the Minister said, she read the news in the media and doesn’t have anything to do with it.

“Distinguished Senators, we were not consulted at the Ministry of Finance by the CBN on the planned Naira redesigning and cannot comment on it as regards merits or otherwise.

“However, as a privileged Nigerian at the top of Nigeria’s fiscal management, the policy as rolled out at this time, portends serious consequences on the value of 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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