Naira redesign: CBN not answerable to Finance Minister

Naira redesign: CBN not answerable to Finance Minister — Ohanaeze Youths

A socio-cultural group known as the Ohanaeze Youths Movement has faulted the assertion by the Minister of Finance, Zainab Ahmed, that the Governor of Central Bank of Nigeria, CBN, Godwin Emefiele should have consulted her before deciding to redesign the Naira.

The group in a statement by its information director, Nzube Ugochukwu, said Emefiele didn’t have to inform her, as the apex bank is not answerable to the ministry.

The group noted that the apex bank only needed to seek presidential clearance which it did.

The statement reads, “On Friday the Minister of Finance, Budget and National Planning, Zainab Ahmed declared that the Central Bank of Nigeria (CBN) did not carry her ministry along in its plan to redesign and roll out new N200, N500, and N1000 note effective December 15.

“CBN has the sole authority to issue legal tender currency in Nigeria. The Bank alone is able to determine the quantum of currency to release so as to align with other critical objectives, particularly macroeconomic stability.

“The CBN does not report to the Minister of Finance. Emefiele didn’t have to inform her. He only needed to seek presidential clearance which he did.

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