People, who is running Nigeria? Tribune reports: “Minister of Finance, Budget, and National Planning, Zainab Ahmad, has disassociated her ministry from the planned move by the Central Bank of Nigeria ( CBN) to redesign the naira….“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.” O di egwu.
From Tribune
The minister, who commented on the policy in response to a question raised by Senator Opeyemi Bamidele (APC Ekiti Central) during the 2023 budget defense session with the Senate Committee on Finance, warned CBN of consequences that may arise from the new policy.
Tekedia Mini-MBA edition 14 (June 3 – Sept 2, 2024) begins registrations; get massive discounts with early registration here.
Tekedia AI in Business Masterclass opens registrations here.
Join Tekedia Capital Syndicate and invest in Africa’s finest startups here.
Senator Bamidele had told the minister that barely two days after the announcement of the plan, the effect on the value of the naira to the US dollar was being felt.
“Just two days after the announcement of the policy, the value of naira to a US dollar has risen from N740 to N788 due to a rush in exchange of naira notes for foreign currencies, particularly dollars.
In her quick response, the minister said she and her ministry are not aware of the policy but only heard of it from the media.
“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.
“However as a Nigerian privileged to be at the top of Nigeria’s fiscal management, the policy as rolled out at this time portends serious consequences on the value of the 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.
The CBN Governor, Godwin Emefiele, had on Wednesday said that the apex bank would redesign the country’s currency from N200 denomination to N1000 notes.
He said that the action was taken in order to take control of the currency in circulation, just as he posited that 80 percent of the nation’s currency notes were outside bank vaults and that the CBN would not allow the situation to continue.
---
Register for Tekedia Mini-MBA (Jun 3 - Sep 2, 2024), and join Prof Ndubuisi Ekekwe and our global faculty; click here.
The CBN governor proposed, and the president approved the move. Now, madam minister just opened her mouth waaa and told us that her ministry was not aware, she did not stop there, but went ahead to insinuate potential consequences. This is how they have been destroying the naira, because each time they open their mouths without tact, the pitiful naira always takes the hit.
We will be all right, once we are done this band of economic managers. They are no good to our economic well-being.
Who does not know that unbanked and untraceable Naira notes has enabled corruption in all levels of government and in elections.
It’s a good policy to help stop buying the elections at all levels.