*CBN: We followed due process and the lawThe Minister of Finance, Budget and National Planning, Zainab Ahmed yesterday declared that the Central Bank of Nigeria did not carry her Ministry along in its plan to redesign and roll out new N200, N500 and N1000 notes effective December 15, announced last Wednesday.
Bamidele had told the Finance Minister that barely two days after the announcement of the policy by the CBN, it had started having repercussions on the value of the Naira when compared to the US Dollar. She said, “Distinguished Senators, we were not consulted at the Ministry of Finance by CBN on the planned Naira redesigning and cannot comment on it as regards merits or otherwise.
“The President is in support of how Emefiele is going about the Naira redesign. He is aware of the CBN governor not telling the ministers,” said the source. In a statement, spokesman of the CBN, Osita Nwanisobi, expressed surprise at the minister’s claim, stressing that the CBN remains a very thorough institution that follows due process in its policy actions.
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.
The Director of Monetary Policy, CBN, Hassan Mahmud and the Director, Currency Operations, CBN, Ahmad Bello Umar, both reiterated these yesterday when they appeared on the ‘Morning Show’ on Arise News.
Just imagine
Madam Finance Minister, is the CBN Gov and the entire CBN entity under your supervision that the CBN Gov will consult you before arriving at a decision. The last time I checked, the CBN is not an extension of the Finance and Budget Ministry
Please help yourself vote for Peter Obi, Even the deaf doesn't need to be informed when war start, they can already sensed it. PDP & APC doesn't know their time is over. Vote for Peter Obi to leads this war to correct Nigeria dilapidated systems. Vote a wise competent person
If it is so CBN have deliberately missed steps to seek approval from minister before going direct to the president.
'Don't tell the minister... ' But the press and public were told. Good idea?
Without taking sides, the CBN needed secretiveness on such a critical decision. Finance will, however, bear the brunt as the repercussions spread across other indices that collectively make the economy. Hoarded naira will bastardise the naira in the floating naira parallel Fx Mkt
CBN, by law, Is autonomous provided it functions within the ambit of the law establishing it. It is independent of both the Finance ministry and the presidency.
Messy
There's never been coordination, economically, between the MDAs that's the main reason why this government has failed to deliver on its promises on the economy
No be say Una don dey mad like this 🤦🏾♂️
It's such a shame that agencies under the same govt will be doing this. Such an important, critical and sensitive issue as currency change & this is what we get from critical agencies of government on the subject. They should call it off already. FinMinNigeria cenbank
Did he just wake up to deçide on his own? Which is not possible protocol must duly observed.
Save all the stolen money; the next Nigerian President will surely call for them.