The apex bank’s reaction follows claims by the Minister of Finance, Budget and National Planning, Zainab Ahmad, that her ministry was not carried along in the proposed change of notes.
Nwanisobi maintained that the Management of the CBN, in line with provisions of section 2, section 18, and section 19 of the CBN Act 2007, had duly sought and obtained the approval of President Muhammadu Buhari in writing to redesign, produce, release and circulate new series of N200, N500, and N1,000 banknotes.
On the timing of the redesign project, Nwanisobi explained that the CBN had even tarried for too long considering that it had to wait 20 years to carry out a redesign, whereas the standard practice globally was for central banks to redesign, produce and circulate new local legal tender every five to eight years.