Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, must be having the last laugh as President Muhammadu Buhari on Sunday backed his decision to launch new designs and replace high-value Naira notes.
Emefiele had announced that the apex bank would redesign the country’s currency effect December 15, 2022.
However, the Minister of Finance, Budget and National Planning, Hajia Zainab Ahmad, disowned the policy, and said if implemented, the redesigning would portend great consequences for the nation and its economy.
The minister during a 2023 budget defence session, warned the CBN of consequences that may arise from the planned redesigning.
“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 Nigerian privileged to be at the top of Nigeria’s fiscal management, the policy as rolled out at this time, portends serious consequences on 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,” Ahmad had told the lawmakers.
But on Sunday, President Buhari in a statement by his Senior Special Assistant on Media and Publicity, Mallam Garba Shehu, said he was convinced that the nation will gain a lot by doing so.
Speaking in a Hausa radio interview with Halilu Ahmed Getso, and Kamaluddeen Sani Shawai to be aired Wednesday Morning on Tambari TV on Nilesat, President Buhari said reasons given to him by the CBN convinced him that the economy stood to benefit from a reduction in inflation, currency counterfeiting and the excess cash in circulation.
He said he did not consider the period of three months for the change to the new notes as being short.
According to him, “People with illicit money buried under the soil will have a challenge with this but workers, businesses with legitimate incomes will face no difficulties at all.”
