CBN Doesn’t Need To Consult Anyone To Redesign Naira, Emefiele Replies Finance Minister

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The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, on Friday night defended the decision of the Bank to redesign some Naira notes, insisting that he doesn’t need to consult with the Minister of Finance to do so.

This signals an escalation in the war of words between the CBN and the Finance Ministry over the decision of the apex bank to redesign some Naira notes.

The planned policy he added, was in line with Sections 19, subsections A and B of the CBN Act 2007, upon which the management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N200, N500, and N1,000 notes.

But on Friday, as earlier reported by TheNiche, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said she knew nothing about the decision of the CBN to redesign some Naira notes.

But countering the minister, Emefiele in a terse statement this evening, said the CBN does not need to consult anyone to redesign the Naira.

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