In lieu of the recently announced policy to redesign some of the naira notes, the Nigerian Minister of Finance, Budget and National Planning, Zainab Ahmed, has controversially distanced herself from the planned naira redesign, which had been announced by the Central Bank governor, Mr. Godwin Emefiele.
The Minister, who had also disowned the policy has unequivocally stated that it will not be receive the blessing of the Ministry of Finance and warned of the dire consequences.
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Reacting to questions from Senator Bamidele Opeyemi representing Ekiti Central Senatorial district on Friday at the National Assembly, where she gad appeared before the Senate Committee on Finance for the 2023 budget defence of the ministry, the minister maintained that the policy may be good, but coming at the wrong time.
Opeyemi had revealed that the pronouncement may have triggered a rise in naira to US dollars in terms of value, given that naira has jumped from ₦740 to ₦788 to a US dollar due to a certain rush in exchange of stashed funds.
Opeyemi said: “To me, the policy may be well conceived, but the timing going by realities on ground is very wrong as the Naira may fall to as low as N1,000 to a US dollar before January 31, 2023 fixed for full implementation of the policy”, he said.
Responding, the Minister said, she read the news in the media and has nothing to do with it.
“Distinguished Senators, we were not consulted at the Ministry of Finance by the CBN on the planned Naira redesigning and cannot comment on it as regards merits or otherwise.
“However, as a privileged Nigerian at the top of Nigeria’s fiscal management, the policy as rolled out at this time, portends serious consequences on the value of Naira to other foreign currencies.
“I will, however, appeal to this Committee to invite the CBN governor for required explanations as regards merits of the planned policy and rightness or otherwise of its implementation now,” she said.
In another report, a northern group under the agesis of the Concerned Northern Forum have on Thursday, in Kaduna State, frowned at the recent directive which had been made by the Central Bank Governor, to redesign some of the naira notes effective from December 15, 2022.
The group’s spokesman, Abdulsalam Kazeem had in a statement on Wednesday, in Kaduna, faulted the decision.