Saturday, 29 October 2022

Finance Minister Denies Knowledge Of New Naira Designs, Warns CBN Of Consequences

The Minister of Finance Budget and National Planning , ZAINAB Ahmed says she was never consulted over the Central Bank of Nigeria’s plans to Redesign the Naira notes .

Her revelation comes Forty Eight  hours after the official announcement by the CBN Governor , GODWIN EMEFIELE which takes effect from the 15th of December this year .

The Minister disclosed this when she appeared before the Senate’s Committee on Finance at the National Assembly to Defend Budget Estimates for her Ministry .

She told lawmakers that she was unaware of such Plans by the CBN and got a wind of the information after the announcement was made by the Apex Bank .

However, she acknowledges that it may be the CBN’s strategy to control the Rising inflation but warns that it may come with its own challenges and Consequences 

The Minister also adds that , the policy may be a well conceived one , but the timing going by realities on ground , is very wrong as the Naira may fall to as low as N1,000 to a US dollar before January 31, 2023.

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