Nigeria’s Minister of Fnance, Budget and National Planning, Zainab Ahmed, has kicked against plans by the Central Bank of Nigeria (CBN) to redesign some naira notes.
She said the ministry was not aware of the plans and only knew about it through the media.
She said this on Friday when she appeared before the Senate Committee on Finance for the ministry’s budget defence session.
Her comments come barely 48 hours after the CBN Governor, Godwin Emefiele, announced the plan to redesign the 100, 200, 500 and 1,000 notes and will go into circulation in December.
The plan is to redesign N100, N200, N500, and N1000 and start disbursing by December and by January 31, 2023, the old notes are expected to be out of circulation.
He said the move is aimed at having control of the currency in circulation, managing inflation, and tackling counterfeiting.
Mr Emefiele had said currency management has faced several daunting challenges that have continued to escalate in scale and…
