Two days after the Central Bank of Nigeria, CBN, announced plans to redesign the Naira beginning from December 15, 2022 , the Minister of Finance , Budget and National Planning , Zainab Ahmad has distant herself and ministry from the policy .
In response to question raised by Senator Opeyemi Bamidele ( APC Ekiti Central) during 2023 budget defence session with Senate Committee on Finance , the Minister warned the CBN strongly against some underlying consequences of its action .
Bamidele had in his question told the Finance Minister that the multiplier effects of the policy on the value of Naira to US dollar was already being felt barely two days after the announcement of the policy by CBN.
Just two days after announcement of the policy , value of Naira to a US dollar has risen from N740 to N788 to a US dollar due to rush in exchange of stacthed Naira Notes for foreign currencies , particularly dollar .
To me , the policy may be a well conceived one , but the…
