UPDATE: Buhari Approved Naira Redesign, CBN Replies Finance Minister

Adeleye Kunle Reports

The Central Bank of Nigeria (CBN) has reacted to the statement of the Minister of Finance, Budget and National Planning, Zainab Ahmed claiming that her ministry has no knowledge about redesigning Naira Notes.

TrackNews Nigeria had earlier reported that Ahmed stated this on Friday when she appeared before a Senate committee.

Ahmed had faulted the process of the apex bank, which she described as ill-timed.

The spokesman of CBN, Osita Nwanisobi while reacting to the statement of the Minister said the apex bank remains a very thorough institution.

He said the management of the CBN, in line with provisions of section 2(b), section 18(a), and section 19(a)(b) 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.

He called on Nigerians to support the currency redesign project, adding that the process is in the interest of Nigerians.

Nwanisobi claimed that some persons are hoarding significant sums of banknotes outside the vaults of commercial banks, which should not be encouraged by anyone who means well for Nigeria

He further stated that the currency management in Nigeria has faced several escalating challenges which threatened the integrity of the currency, the CBN, and the country.

Nwanisobi added that every top-rate Central Bank was committed to safeguarding the integrity of the local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy.

Speaking on the timing of redesigning the Naira notes, Nwanisobi disclosed that CBN had waited for 20 years to carry out the projdct.