Naira Redesign : CBN Replies Minister, Says Exercise Long Overdue

The Central Bank of Nigeria (CBN) has officially responded to the Minister of Finance, Budget and National Planning‘s claim that she was not informed of the decision to redesign the naira notes.

Giving further reason why the decision was taken, CBN spokesman Osita Nwanisobi in a statement said: “Currency management in the country had faced several escalating challenges which threatened the integrity of the currency, the CBN, and the country”.

The Minister Zainab Ahmad on Friday disowned the policy, stating she was not aware and warning the CBN of its dire consequences.

But Nwanisobi reminded the Minister that “every top-rate Central Bank was committed to safeguarding the integrity of the local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy”.

On the timing of the redesign project, Nwanisobi explained that 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”.

The CBN spokesman assured Nigerians that “the currency redesign exercise was purely a central banking exercise and not targeted at any group”.

Nwanisobi expressed optimism “the effort will, among other goals, deepen Nigeria’s push to entrench a cashless economy in the face of increased minting of the eNaira”.

This, he said, is in addition “to helping to curb the incidents of terrorism and kidnapping due to access of persons to the large volume of money outside the banking system used as a source of funds for ransom payments”.

Nwanisobi urged Nigerians to support the Naira redesign project, as it is for the greater good of the economy.