The planned redesign of new Naira notes, which the Central Bank of Nigeria (CBN) of Nigeria claimed was long overdue, was carried out in accordance with the law and proper procedure, the CBN has insisted.
The apex bank’s response comes in response to claims made by Zainab Ahmad, the minister of finance, budget, and national planning, that her department was not included in the proposed change of notes.
In a conversation with media, CBN spokesman Osita Nwanisobi expressed surprise at the minister’s assertion and insisted that the CBN is still a very meticulous institution that adheres to due process when making policy decisions.
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Nwanisobi argued that the Management of the CBN had properly requested and received President Muhammadu Buhari’s written approval to redesign, produce, release, and circulate new series of N200, N500, and N1,000 banknotes in accordance with the provisions of Sections 2(b), Section 18(a), and Section 19(a)(b) of the CBN Act 2007.
He reiterated that some people were hoarding substantial amounts of banknotes outside the vaults of commercial banks, but urged Nigerians to support the currency reform effort, saying it was in their general interest.
He argued that no one who cares about the country should support this trend.
Nwanisiobi stated that the country’s currency management had to deal with a number of growing difficulties that put the integrity of the currency, the CBN, and the nation at risk. He also stated that every top-notch Central Bank was committed to preserving the legitimacy of the country’s legal tender, the effectiveness of its supply, and its ability to carry out monetary policy.
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Regarding the timing of the redesign project, Nwanisobi argued that the CBN had even waited too long, taking 20 years to complete it in contrast to the global standard, which calls for central banks to redesign, create, and circulate new local legal tender every five to eight years.
The CBN spokesman expressed optimism that the effort will, among other goals, deepen Nigeria’s push to entrench a cashless economy in the face of increased minting of the eNaira while assuring Nigerians that the currency redesign exercise was strictly a central banking exercise and not targeted at any group.
The ability of people to access the significant amount of money kept outside of the banking system and utilized as a source of funds for ransom payments, he claimed, also contributes to reducing the number of terrorist attacks and kidnappings.
He asked Nigerians to support the Naira redesign project since it will benefit the country’s economy overall, regardless of their status.
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