Why Emefiele doesn’t need to inform finance minister before changing naira notes - Moghalu

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.

When did Moghalu become CBN Spokesman?

Then we have to redefine the Office of the Minister of Finance.

Wait oooo. This one wey we still dey look for change from conductor,vulca, abgado seller, mai tea? Make una nor forget to print change oooo abeg

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Buhari Approved Redesign Of Naira Notes – Central Bank Replies Finance Minister, Ahmed | Sahara ReportersThe Central Bank of Nigeria (CBN) has replied the Minister of Finance, Budget and National Planning, Zainab Ahmed, claiming that it followed due process as far as redesigning three naira notes is concerned. SaharaReporters had reported that Nigeria's apex Bank on Wednesday, announced its plan to redesign some naira notes – a decision that has so far received backlashes nationwide. The CBN Governor, Godwin Emefiele, announced the plan in press conference and told journalists that the new design notes would be effective from December 2022. “Ma, go & talk to you oga - no chat to me.” 🥹 Emefiele is something else entirely, I swear Are you for real ? So finance isn’t in support of redesigning of Nigeria Naira notes ?, like seriously? They want to enscript more arabic language on the notes?. This islamization dey hungry them badly
Source: SaharaReporters - 🏆 9. / 63 Read more »

CBN debunks claims by Minister of Finance, insists it followed due process in Naira redesignThe Central Bank of Nigeria (CBN) of Nigeria has insisted it followed the law and due process to carry out the planned redesign of new Naira notes, which
Source: DailyPostNGR - 🏆 11. / 59 Read more »