The Central Bank of Nigeria (CBN) has said that it adhered to the necessary procedure in carrying out the ongoing naira redesign policy.
It stated this in response to claims by the Minister of Finance, Budget and National Planning, Zainab Ahmad, that her ministry was not privy to the policy from the CBN.
The bank’s spokesman, Osita Nwanisobi, expressed shock at the minister’s claim, asserting that the CBN remains a very thorough institution that follows due process in its policy actions.
He noted that in its process of following due procedures on the policy, it sought and obtained the approval of President Muhammadu Buhari.
He said, “The Management of the CBN, in line with provisions of section 2(b), section 18(a), and section 19(a)(b) of the CBN Act 2007, 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.”
Nwanisobu tasked Nigerians to support the currency redesign project, noting that it was in the overall interest of Nigerians.
He restated that some persons were hoarding significant sums of banknotes outside the vaults of commercial banks, adding that such trend should be discouraged.
On the timing of the redesign policy, Nwanisobi explained that the policy is long overdue, lamenting the 20 years wait the CBN had to tarry before coming out with the policy.
He said the standard practice globally was for central banks to redesign, produce and circulate new local legal tender every five to eight years.