FINANCE MINISTER NOT AWARE OF CBN PLAN TO REDESIGN NAIRA

By Dr. Helen Chimezie

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. The minister said she and her ministry are not aware of the policy but only heard of it from the media.

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.

Senator Bamidele had told the minister that barely two days after the announcement of the CBN plan to redesign the naira, the effect was being felt on the value of the naira to the US dollar.

“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 they 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, Mr. Godwin Emefiele had on Wednesday said that the bank would redesign the country’s currency from 200 Naira denomination to N1,000 naira notes.

He said that the action was taken to control the currency in circulation and that the bulk of the nation’s currency notes was outside bank vaults.

Mr Godwin Emefiele said the policy was in line with sections 19, subsections a and b of the CBN Act 2007, in 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.

Comments

Post a Comment

Popular posts from this blog

LAND GRABBER ARRESTED IN PORT HARCOURT OVER PROPERTY VANDALISM AND FRAUDULENT SALES

Image
  By Dr Helen Chimezie Tensions flared in the Rumuosi, Ohia-Egbelu axis of Airport Road, Port Harcourt, following the arrest of a suspected land grabber, Mr. Colonel Ogwumerum Eke, who has allegedly been involved in a series of unlawful property invasions and fraudulent land sales.   According to reports, Mr. Eke was taken into custody yesterday after multiple complaints by original property owners accused him of repeatedly destroying perimeter fences and other structures in the area.   His actions, witnesses say, were part of a coordinated attempt to resell the lands to unsuspecting members of the public, despite clear evidence of prior ownership.   The alleged criminal activity has left a trail of financial losses and heightened tension in the affected community, with many residents expressing frustration over the slow pace of legal intervention in the past.   Mr. Eke is expected to appear before the Port Harcourt Magistrate Court by 10:00 a....
Read more

APPPMON LAUNCHES ABOKI AS NIGERIA’S BOLD ANSWER TO FAILED PROJECTS

Image
  By Dr Helen Chimezie  In a significant step toward addressing Nigeria’s long-standing challenge of failed and abandoned projects, the Association of Professional Practising Project Managers of Nigeria (APPPMON) has officially launched a new project management framework called ABOKI. The hybrid unveiling ceremony, which held on Tuesday, April 8, 2025 in Port Harcourt, brought together project management professionals, development experts, members of the media and other key stakeholders. The ABOKI framework, an acronym that stands for APPPMON Body of Knowledge and Innovation, emphasizes community participation, stakeholder collaboration, and context-specific strategies to ensure that projects not only start, but are successfully completed and sustained. According to APPPMON, ABOKI is a locally developed framework tailored to suit Nigeria’s unique project environment, with the aim of improving the planning, execution, and sustainability of projects across the country. In his ad...
Read more

RIVERS NUJ HOLDS INAUGURAL CONGRESS, SETS AGENDA FOR BAZIA-LED ADMINISTRATION

Image
                  L-R: The Council's Secretary, Dr Ijeoma Tubosia & Council;'s Chairman, Comrade Paul Bazia-Nsaneh By Dr Helen Chimezie The Nigeria Union of Journalists (NUJ), Rivers State Council, on Thursday, 17 April, 2025, held its first congress under the leadership of Comrade Paul Bazia-Nsaneh, setting a tone of inclusiveness, commitment, and renewed direction for the union. In his opening remarks, Chairman of the State Council, Comrade Bazia, expressed gratitude to members for their unwavering support during the last council election. He pledged to maintain an open-door policy, emphasizing his readiness to accept constructive criticism and always keep a listening ear to the concerns of members. He also urged members to prioritize punctuality, stating that future meetings will commence at the scheduled time, regardless of attendance. A major highlight of the congress was the inauguration of a five-man committee, chaired by Paul Damg...
Read more