SUN, 30 OCT, 2022-theGBJournal| The Central Bank of Nigeria (CBN) has reiterated its earlier stand that it had duly sought and obtained the approval of President Muhammadu Buhari in writing to redesign, produce, release and circulate new series of N200, N500 and N1,000 banknotes.
The reiteration follows claim by the Minister of Finance, Budget and National Planning, Zainab Ahmad, that she and her Ministry was not consulted before the policy pronouncement. The Minister had told the …that she only learnt of the new changes from the news.
A CBN official, Osita Nwanisobi told newsmen Friday that the apex bank was surprised at the Minister’s claim, emphasizing that the CBN remains a ‘’thorough institution that follows due process in its policy actions.’’
According to Nwanisobi, the Management of the CBN obtained the approval of the President, in line with provisions of sections 2(b), 18(a), and 19(a) (b) of the CBN Act 2007.
He urged Nigerians, on behalf of the CBN, to support the currency redesign project which he says is in the overall interest of every citizen of the country.
‘’The hoarding of significant sums of banknotes outside the vaults of commercial banks should be discouraged by anyone who means well for the country,’’ he said.
According to the him, the CBN had tarried for too long considering that it had to wait 20 years to carry out a redesign, whereas the standard practice globally was for central banks to redesign, produce and circulate new local legal tender every five to eight years.
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